The Superintendency of Banks of the Dominican Republic has issued a framework allowing financial intermediation entities to offer a new Basic Savings Account for micro, small and medium-sized enterprises (MSMEs), intended to make it easier for legal entities and individuals registered as taxpayers to obtain a savings account. The measure is positioned as a financial inclusion tool for MSMEs that face barriers such as limited credit history and, in some cases, criminal records of those who direct them. Under Circular SB: CSB-REG-202500013, the Basic MSME Savings Account must be denominated in Dominican pesos and is subject to a monthly transaction limit of DOP 700,000. Institutions must enable account opening either in person or digitally and keep associated charges as low as possible, including any opening balance requirements and minimum balance fees. The account may be used for cash deposits and withdrawals, payments of credit cards and loans, and access to digital channels for transaction enquiries, domestic and international transfers, and payments for goods and services. The guidance also calls for procedures to ensure equitable and respectful treatment throughout onboarding and account use, and sets expectations on due diligence, including understanding sector-specific characteristics and risks to detect abnormal activity. Where open sources indicate criminal records, institutions must request specified documentation, and may proceed with opening in certain cases where there is no decision on the merits and the offence is not classified as predicate or determinative under Law 155-17.
Superintencencia de Bancos de la Republica Dominicana 2025-09-08
Superintendency of Banks of the Dominican Republic allows financial intermediation entities to offer Basic MSME Savings Accounts with a DOP 700,000 monthly transaction cap
The Superintendency of Banks of the Dominican Republic has introduced a framework for financial entities to offer a Basic Savings Account for MSMEs to enhance financial inclusion. The account, denominated in Dominican pesos, has a monthly transaction limit of DOP 700,000 and must be accessible both in person and digitally with minimal charges. Institutions must ensure equitable treatment, conduct due diligence, and may open accounts for entities with certain criminal records if conditions under Law 155-17 are met.