Adopem has opened a new branch office in Constanza, in the province of La Vega. Its location in the Dominican Republic is an opportunity to extend access to financial services to micro-entrepreneurs and entrepreneurs in the interior of the country. This institution belonging to the BBVA Microfinance Foundation serves over 380,000 people, of whom almost 40% live in remote rural areas.
“Adopem will offer all the benefits of banking specializing in both micro and small and medium-sized enterprises in all the municipalities in the province”, said Aneudy Reynoso, supervisor of the Northern Central Zone, during the inauguration in Constanza.
Accompanying Reynoso at the event were Ricardo Canalda, Member of the Board, and Elia Diloné, submanager of the new branch. Diloné said that the branch office “has an efficient and well-trained human team that will offer first-rate service to everyone who visits us”. The customer portfolio of this new Adopem branch comprises mainly women, who account for 68% of the total. 39% of these women live in a rural setting.
Banco Adopem, in figures
Over three million adults in the Dominican Republic have no access to the formal banking system. Adopem has a network of 72 branch offices and 123 banking subagents (service points designated by the bank to enable its customers to make financial transactions) in order to promote greater financial inclusion among the more vulnerable segments of the population.
Of the 380,000 people served by this institution, part of the BBVA Microfinance Foundation, 90% are vulnerable and two thirds are women. After two years with Adopem, the number of poor customers falls by 46%.