Financial product ownership reaches 55% in 2023

Santo Domingo.- The Governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, unveiled the findings of the National Survey of Inclusion and Financial Education (ENIEF 2023) at the inauguration of the 10th edition of the Economic and Financial Week, an event organized by the monetary authority.

Valdez Albizu underscored that “the percentage of adults with at least one financial product, whether savings or credit, increased from 51% in 2019 to 55% in 2023.” He elaborated that this surge indicates “almost 500,000 Dominicans were integrated into the financial system compared to 2019, signifying significant progress in terms of financial inclusion.”

Regarding regional inclusion, he noted that “the rise in financial product ownership was observed across all geographic areas, particularly in the eastern region, which surged from 42% to 51%, and in the southern region, which increased from 43% to 50%.”

In terms of gender, he observed that “men’s ownership of financial products rose from 52% in 2019 to 58% in 2023, while for women, it progressed from 50% to 52% during the same period.” Notably, he emphasized that “in savings or investment products, women lead the growth experienced with 52.8%, compared to 47.2% for men.”

Valdez Albizu reported that ENIEF 2023 demonstrated that “participants in financial education initiatives reported improvements in their knowledge about fundamental aspects of personal financial management.” Specifically, “78.3% expressed that they have learned to save more effectively, 69.4% have enhanced control over their income, and 51.1% have acquired skills to create budgets with greater precision.”

Regarding the Economic and Financial Week 2024, integrated into the international event ‘Global Money Week’, he highlighted that “this version boasts the collaboration of 50 participating entities, the highest in the history of this event.” These entities will offer talks, workshops, and educational entertainment to visitors, especially children, to instill new and beneficial habits for future generations.

Commenting on the impact of activities like the Economic and Financial Week, the governor noted that “a significant element to highlight is that 19.4% of the participants, motivated by what they learned in these talks and education programs, proceeded to open accounts in financial institutions.”

Furthermore, visitors will have access to the tour of the Numismatic and Philatelic Museum, organized by the Cultural Department of the Central Bank, along with the awards ceremony of the Economists of the Future academic competition, fostering promising professionals in economic science.

Various banks, financial institutions, government agencies, and other entities are participating in this edition of the Economic and Financial Week. These include AFP Crecer, the Stock Exchange of the Dominican Republic, ministries, superintendencies, and private companies.