Dominican Republic - Country Commercial Guide
Financial Services

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2022-12-09


Current banking regulations permit the utilization of the following financial intermediation entities: Multiple Banks, Savings and Loan Associations, Savings and Credit Banks, Credit Corporations, and Public Entities, in accordance with the provisions of Monetary and Financial Law No.183-02 of 2002. Currently, there are a total of 49 entities that carry out financial intermediation operations. In the early 2000s, legislative changes relaxed banking services and granted equal treatment to foreign financial intermediation entities, and established parameters to regulate admission into the Dominican Republic. 

The Monetary Board has also approved the regulation of banking subagents, which allows entities to provide certain banking operations and services, such as receiving payments, sending or receiving transfers within the Dominican territory, and processing of specific requests for products and services. Banking subagents allow people living in rural areas to gain access to banking services and thus access the Dominican financial market. 

Financial technology companies (Fintech), which still lack regulatory framework, have received significant support from the financial and monetary authorities in the country aimed toward formalization.  

The Government of the Dominican Republic (GoDR) is implementing the National Strategy for Financial Inclusion (ENIF). Its general objective is to promote financial inclusion in the DR, through the coordination of financial policy actions that lead to increased access and sustainable use of relevant and quality financial products and services. The ENIF seeks to generate a favorable environment for a dynamic financial ecosystem, focused on the needs of the financial user. The first stage of the ENIF is proposed for the period 2022-2030.  

For regulation standards, Dominican regulation considers modern international trends. To promote the stability and security of the system, Dominican legislation follows the principles established in Basel Agreements I and II and adheres to strict compliance and a system closely monitored and operated by the financial and monetary authorities.  

Leading Sub-Sectors 

The most promising sub-sectors within this sector are: 

  • Credit Corporations 

  • Fintech 

  • Payment Facilitators Companies 

  • Contactless transactions 

  • Online Banking 


The Dominican Republic’s banking sector is one of the largest contributors to the country’s GDP; the industry fosters the production and export of products and services through traditional financing and capital market structures. Digitalization offers banks numerous opportunities to increase financial inclusion by providing customers with better access to financial services.  

Digital innovations can facilitate broader financial education in the community and help provide formal credit to a greater number of people. This can have a significant effect on growth and productivity.  The Covid-19 pandemic has only increased the trend toward digital innovation as contactless transactions, digital signatures, and online banking are now normalized.