SANTO DOMINGO- The Dominican Republic's Multiple Banking Association (ABA) welcomed the modifications made to the Banking Sub-Agent Regulation by the Central Bank, considering that they introduce timely provisions that facilitate and expand access to financial services in the national territory.
The ABA considered it relevant to extend the scope of this figure by enabling credit corporations to operate banking sub-agents and incorporating new types of establishments in the public and private sector that have the possibility of offering the service, fulfilling the requirements established for those purposes.
He considered it positive that, from now on, a business opportunity and the opportunity to offer services will open up for the entities that were included in this catalog, which include post offices, health centers, educational centers, telecommunications centers, food outlets, transportation companies, legal consultancies, beauty salons, stores, retail businesses and others.
"Enabling these companies as sub-agents will allow a greater number of users to access banking products and services in their own localities, benefiting, above all, residents in communities far from a branch, which translates into savings of time and resources," the ABA stated.
He also noted that the regulation allows for the offering of new operations from banking sub-agents, such as opening savings accounts and electronic payment accounts, and issuing prepaid credit or debit cards associated with savings accounts.
The ABA estimated that the figure of Banking Sub-Agent Administrator is one of the new features of the regulation and that it will contribute to streamlining the contracting and affiliation of the service, which generates greater efficiency in the process.
Similarly, he highlighted the strengthening of information security in the processes and technological infrastructure of the sub-agents as a valuable impact that will bring greater robustness to this type of service.
The ABA highlighted that, representing multiple banks, it formally formulated its proposals during the process of analyzing and modifying this figure, which were favorably received by the Monetary Board and included in the Banking Sub-Agent Regulation contained in the fifth resolution of the organization, dated January 20, 2024, recently published.
