Economy February 18, 2021 | 12:19 pm

Dominican banks widen foothold in remittance market

Santo Domingo.- About a third of the increase in remittances in the last decade was channeled through multiple banks and other Financial Intermediation Entities, according to a study by the Association of Multiple Banks of the Dominican Republic (ABA).

The analysis, prepared by Julio Lozano, director of Economic Studies of the ABA, found that the contributions of the financial sector as a channel of remittances for households rose 31% US$143 million in 2010, to US$1.5 billion in 2020.

The document quoted by Diario notes that the banking sector has managed to establish itself with a share of 18.7% in services to facilitate remittance flows, which means a jump of 14.6 percentage points, at the end of the decade