Banks highlight digital channels facilitate the receipt of remittances

The Association of Multiple Banks of the Dominican Republic (ABA) highlighted that the use of digital channels for sending and receiving remittances represents a strategic opportunity to strengthen financial inclusion, security, and efficiency of the transactions carried out by the Dominican diaspora towards the country.

According to recent data from the Central Bank, between January and September 2025, family remittances amounted to US$8,912.8 million, reflecting an increase of 11.4% compared to the same period of the previous year, which shows that this sustained flow of resources continues to be a pillar for macroeconomic stability and the well-being of thousands of Dominican households, assured the ABA.

In that context, the guild highlighted that the strengthening of digital channels for sending remittances contributes to increasing traceability, reducing the risks associated with handling cash, and expanding access to formal financial services, especially in the recipient communities of the country.

“Remittances not only represent a vital source of income for households, but also a gateway to banking. Promoting their receipt through digital channels guarantees greater security for users, efficiency in delivery times and reduction of operating costs,” explained the president of the ABA, Rosanna Ruiz.

He recalled that the Dominican Institute of Telecommunications (INDOTEL) will soon begin a financial education campaign aimed at the Dominican diaspora in the United States, via Dominican consulates, to promote the use of digital bank transfers as an agile and secure alternative for these transactions, an initiative that has the support of the ABA.

Ruiz pointed out that there is a significant gap between Dominicans in the diaspora who use digital means for sending remittances versus those who maintain the use of cash, which reflects the potential that exists to continue moving towards a more modern and connected financial ecosystem.

The ABA emphasized that multiple banking will continue to support joint actions with the public sector to expand financial education, facilitate access to digital products with legal and technological security, as well as enhance the economic impact of remittances, which also contribute to maintaining exchange rate stability and the adequate level of international reserves of the country.