The World Bank has released the Global Findex 2021 report that collects data on global access to financial services from payments to savings and borrowings. The report reveals that two-thirds of adults worldwide now make or receive a digital payment, with the share in developing countries growing from 35% in 2014 to 57% in 2021. The report is following the global evolution to banking digitalization and to a global cashless society.
In 2021, 76 percent of adults worldwide had an account at a financial institution or through a mobile money provider, up from 51 percent in 2011. The 2021 report indicates that 51% of adults in the Dominican Republic have a bank account, 49% of women have a bank account and 39% of poor adults have a bank account.
In the Dominican Republic the number of persons with bank accounts and that are using digital services increased after Covid-19. The recent rise in crime has also discouraged people from carrying cash, increasing bank transfers use.
In the Dominican Republic, the biggest boost to digitalization, has been the switch to government wages paid in bank accounts and the increase in welfare programs.
Locally there is an increase in the already widespread use of smart phones. The distribution of tablets at poor households for Ministry of Education is contributing to more people being able to check their accounts online. The Abinader administration is pushing ahead telecom programs to bring Internet access to far out rural areas.
Read more:
The Global Findex Database 2021
30 June 2022