Bank subagents are a business opportunity for micro, small and medium-sized enterprises (MSMEs) that decide to join formal banking
The growth in the operations of banking sub-agents is consolidated as a business opportunity for micro, small and medium-sized enterprises (MSMEs) that decide to join this formal banking service.
Thus stated the Association of Multiple Banks of the Dominican Republic (ABA), after noting that the amounts traded through operational establishments as bank sub-agents reached almost RD$67 million in 2021, according to data from the Superintendency of Banks. He indicated that the growth of these transactions is reflected, in turn, in an increase in the percentage of profits received by businesses that operate under this figure.
In a press release, the union highlighted that 2,016 establishments operated under this modality as of December of last year and these are mainly grocery stores, hardware stores, gas stations, pharmacies, supermarkets and other businesses. He stated that, in addition to the income from transaction commissions, these establishments significantly increase their client portfolio and, consequently, the sales of the products and services of the business.
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Among the MSMEs that in recent years have seen an increase in their profits by joining the network of bank sub-agents, the ABA cited the case of the company Casa Manoson SRL, a store that sells food and basic necessities, which has since 2016 with authorization as an extension of banking.
Pablo Núñez, owner of the company located in San Felipe, Santo Domingo Norte, said that working as a banking sub-agent has not only favored the profitability of his establishment but also the ease of financial proceedings for those who live in his environment. “We are very pleased to provide this additional service to people in the community because we help them make their deposits, withdrawals and utility payments without having to go so far,” he said. Another business that has benefited as a bank subagent has been a pizzeria in Vista Bella.
