SANTO DOMINGO- The Cibao Savings and Loan Association (ACAP) and the United Nations Development Programme (UNDP) benefited more than 300 people (81% women) through a demonstration initiative to promote financial inclusion and banking in the communities of Burende and Constanza, La Vega province.
The initiative involved 111 people in the Burende area and 190 in Constanza, who received financial education workshops for 18 hours in six working sessions, with the aim of helping them build skills to better manage their finances and understand the basic principles that guarantee proper and continuous management of financial resources.
Following the training phase, the banking process was completed for 57 people in those communities. An additional 30 new banking products were established for people already with bank accounts, and another 28 are in the process of formalizing their accounts, for a total of 115 products.
Financial education and access to financial resources are directly related to poverty reduction and the expansion of opportunities for people.
José Luis Ventura, executive president of Asociación Cibao, explained that this pilot program was launched in 2022 with the support of the United Nations Development Programme (UNDP), to educate and integrate the population at the base of the pyramid in these communities into the financial world.
José Luis Ventura, executive president of Asociación Cibao. (External source).
“In line with our corporate philosophy, which values commitment to sustainable development and in harmony with the national financial inclusion strategy, we decided to undertake this pilot financial inclusion program in communities where we have a brand presence, whether through branches or banking sub-agents. We understand the importance of strengthening savings habits through financial education programs, as well as promoting access to and proper use of financial products,” Ventura stated.
Inka Mattila, UNDP Resident Representative in the country, stated that “UNDP, as the UN development agency with a presence in 170 territories, puts its network of knowledge and national, regional, and global alliances at the service of society to accelerate the achievement of the SDGs. This case is an example of this, as the experience of the UNDP office in Mexico was used as a reference for this testing, with the aim of generating capacities and lessons learned that enabled the banking of those who truly needed it.”.
He added that this initiative helps foster a more resilient, sustainable and inclusive society and promotes sustainable development through financial inclusion.
For its implementation, the success indicators and baseline were first defined, the trainers were selected, the strategic partners were identified, and an agreement was reached with the Social and Economic Development Unit of UNDP Mexico to collaborate in the training processes and the measurement of results of the program.
Following a capacity-building process for the consultants, training sessions were initiated in the communities of Burende and Constanza, and visits were made to each group to complete the banking process for interested individuals.
This financial inclusion and banking initiative arises as a result of the alliance between Asociación Cibao and the UNDP, initiated in 2020, which was aimed at aligning the commercial and brand strategies of the financial entity with the Sustainable Development Goals (SDGs).
