He claims that almost 500,000 Dominicans were incorporated into the financial system during 2023
SANTO DOMINGO –The Governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, presented the most relevant results of the National Survey on Financial Inclusion and Education (ENIEF 2023) during the opening ceremony of the 10th edition of the BCRD's Economic and Financial Week. He highlighted that “the percentage of adults with at least one financial product, whether savings or credit, increased from 51% in 2019 to 55% in 2023.”
During his opening remarks, Valdez Albizu explained that this increase means that “compared to 2019, almost 500,000 Dominicans were incorporated into the financial system, representing significant progress in financial inclusion.”
Regarding the contribution of activities such as Economic and Financial Week, the governor noted that “a very significant element to highlight is that 19.4% of the participants, motivated by what they learned in these talks and educational programs, proceeded to open accounts at financial institutions, marking an important step towards their inclusion in the formal financial system.”
Regarding inclusion by region, the governor of the Central Bank of the Dominican Republic (BCRD) pointed out that “the increase in the ownership of financial products occurred in all geographic regions, especially in the Eastern Region, which rose from 42% to 51%; and in the Southern Region, which increased from 43% to 50%.”
In the section dedicated to gender, the governor stated that “the percentage of men who own financial products increased from 52% in 2019 to 58% in 2023, while for women it rose from 50% to 52% during the same period. However, I believe it is important to note that, in savings and investment products, women are leading the growth with 52.8% compared to 47.2% for men.”
The governor emphasized the value of public participation in financial education talks and materials, an aspect of great importance to the Central Bank, which carries out an extensive agenda through its social responsibility program, “Central Classroom for Economic and Financial Education.”
To underscore this importance, Valdez Albizu reported that the 2023 National Survey on Financial Education (ENIEF) revealed that “participants in financial education initiatives have reported improvements in their knowledge of fundamental aspects of personal financial management: 78.3% stated that they have learned to save more effectively, 69.4% have improved their income control, and 51.1% have acquired skills to create more accurate budgets.”
Regarding the 2024 Economic and Financial Week, part of the international event 'Global Money Week', he highlighted that “this edition boasts the extraordinary collaboration of 50 participating entities (the highest number in the event's history) which, with a commendable and generous effort, and an admirable spirit of service to society, will offer all visitors—especially children—talks, workshops, and educational entertainment that will instill new and beneficial habits in future generations.”
He also indicated that “information professionals will be able to attend a keynote address on the interesting topic of ‘Black Swans: An Increasing Challenge for the Media,’ delivered by a renowned international professional, the Spanish journalist Fernando Díaz Villanueva.” He further noted that “visitors will have access to the Numismatic and Philatelic Museum, organized by the Central Bank's Cultural Department, and will also be able to attend the awards ceremony for the Economists of the Future academic competition, which trains promising professionals in the field of economics.” Participating in this edition of Economic and Financial Week are the banks Ademi, ADOPEM, BACC de Ahorro y Crédito del Caribe, BDI, BHD, Caribe, López de Haro, Popular Dominicano, Qik, Promérica, Scotiabank, Santa Cruz, Unión, Banesco, Motor Crédito, Banfondesa, Vimenca, JMMB Bank, and Banreservas. Also participating are AFP Crecer, the Dominican League of Savings and Loan Associations (LIDAAPI), and others. The following savings and loan associations are also involved: ALAVER Savings and Loan Association, Bonao Savings and Loan Association (ABONAP), Cibao Savings and Loan Association, Association of Savings and Credit Banks and Credit Corporations (ABANCORD), Multiple Banks of the Dominican Republic (ABA), Rural Savings and Credit Institutions Association (AIRAC), Duarte Savings and Loan Association, La Nacional Savings and Loan Association, Peravia Savings and Loan Association, Popular Savings and Loan Association, and the Santiago Medical Cooperative. Also involved are the Dominican Republic Stock Exchange, the Center for Training in Fiscal Policy and Management (CAPGEFI), the General Directorate of Government Accounting, and the General Directorate of Internal Taxes. Other participating entities include the National Statistics Office (ONE), Prodominicana, and the Ministries of Economy, Planning and Development, Finance, and Industry, Commerce and SMEs. The Superintendencies of Banks, Pensions, and the Securities Market, as well as the National Treasury, TransUnion, VISA, Parval Brokerage Firm, Promipyme, and the hosts, the Central Bank of the Dominican Republic, were present. During the opening ceremony, the governor was accompanied by the Minister of Industry, Commerce, and MSMEs, Ito Bisonó; the Superintendent of Banks, Alejandro Fernández W.; the members of the Monetary Board, Ricardo Rojas, Arturo Martínez Moya, and Julio Llibre; the Vice Governor, Clarissa de la Rocha de Torres; the manager, Ervin Novas Bello; as well as other superintendents, presidents of financial institutions, and other executives of the participating institutions.
