There are 6,639,529 financial cardholders in the Dominican Republic. The First Survey of the Dominican Republic’s Economic and Financial Culture 2014, recently released by the Central Bank found that as of September 2014 there were 3,526,327 debit cards and 2,197,982 credit cards in use. This is up 27.2% and 46.8% respectively compared to September 2009 or five years ago.
The report points out that this is in addition to the 915,220 welfare cards the government had issued as of September 2014.
The Central Bank says the most dynamic sector is household use, with an average annual increase of 29% over the past 10 years, compared to 23% increase for corporate use of the financial instruments.
Nevertheless, the feature in Hoy newspaper today, Thursday 20 November 2014, mentions that the World Bank Global Findex index (year 2011 statistics) shows that informal borrowing continues to be the main source of financing for Dominicans.
96.1% of the people polled had average of RD$19,409 a month, and 59.7% of the households received less than RD$18,000 a month.
28.1% of those polled were unaware of debit or credit card facilities.
The poll was carried out from 4-10 August 2014 and 2,313 households were surveyed.