The US-based financial service provider Citigroup reportedly has made its Citi Mobile Collect payment program available in the Dominican Republic.Citi Mobile Collect is a service that makes it possible for businesses such as small grocery stores to replace cash payments to their merchandise suppliers with mobile transactions. It is estimated that 64 percent of the country’s approximately 80,000 grocery stores and small businesses pay their providers in cash. After creating an account with Citi Mobile Connect, the new system allows merchants to use their mobile phones and existing mobile phone providers to complete financial transactions with suppliers who are Citigroup corporate clients.
The program will be administered in partnership with the following organizations, both of which are based in the Dominican Republic: Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM), a microfinance institution, and GCS Systems, a mobile payment administrator.
As of December 2012, Citigroup reported total assets of USD 1.9 trillion and total deposits of USD 931 billion. For 2012, ADOPEM reported to the US-based nonprofit Microfinance Information Exchange total assets of USD 91.5 million, a gross loan portfolio of USD 71.9 million, USD 34.8 million in total deposits, return on assets (ROA) of 4.58 percent and return on equity (ROE) of 18.7 percent.
By Brian LeBlanc, Research Associate
About Citigroup
Citigroup is a financial services conglomerate with ITS headquarters in New York. Citigroup offers a range of products and services in approximately 140 countries including consumer and commercial banking, brokerage, asset management and institutional securities and transactions services. Citigroup’s philanthropic activities are carried out by the Citi Foundation. As of December 2012, Citigroup reported total assets of USD 1.9 trillion.
About Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM)
Established in 1982, Asociación Dominicana para el Desarrollo de la Mujer (Banco ADOPEM) is a microfinance institution based in the Dominican Republic. From 43 offices, it provides a number of financial products and services including microenterprise loans and voluntary savings and insurance products. It also provides non-financial services such as entrepreneurial skill development and financial literacy education. Loans have terms of 4 to 36 months and can be used for either working capital or fixed investments. The main client base is made up of women that want to create their own businesses or to strengthen their existing microenterprises. As of year-end 2012, Banco ADOPEM reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 91.5 million, a gross loan portfolio of USD 71.9 million, USD 34.8 million in total deposits, return on assets (ROA) of 4.58 percent and return on equity (ROE) of 18.7 percent.
Sources and Additional Information
4-Traders.com article, February 14, 2013, “Citigroup Inc.: Citi Launces Mobile Collect in Dominican Republic,” http://www.4-traders.com/CITIGROUP-INC-4818/news/Citigroup-Inc-Citi-Launches-Mobile-Collect-in-Dominican-Republic-16052058/
MicroCapital.org story, February 6, 2013, “MICROCAPITAL BRIEF: Citigroup Loans $2m to Microfinance Institution (MFI) Tamweelcom of Jordan,” https://www.microcapital.org/microcapital-brief-citi-loans-2m-to-microfinance-institution-mfi-tamweelcom-of-jordan/
MicroCapital.org story, November 28, 2012, “MICROCAPITAL BRIEF: Fundacion Microfinanzas BBVA of Spain Takes 31% Stake in Asociacion Dominicana para el Desarrollo de la Mujer (ADOPEM) of the Dominican Republic,” https://www.microcapital.org/microcapital-brief-fundacion-microfinanzas-bbva-of-spain-takes-31-stake-in-asociacion-dominicana-para-el-desarrollo-de-la-mujer-adopem-of-the-dominican-republic/
MicroCapital.org story, November 23, 2012, “MICROCAPITAL BRIEF: Opportunity International Adds Savings Services In Colombia By Converting Into Microfinance Bank with Funding From Citi Foundation,” https://www.microcapital.org/microcapital-brief-opportunity-international-adds-savings-services-in-colombia-by-converting-into-microfinance-bank-with-funding-from-citi-foundation/
GCS Systems, http://www.gcs-systems.com/
MicroCapital Universe Profile: Citigroup https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup
MicroCapital Universe Profile: Asociacion Dominicana para el Desarrollo de la Mujer (ADOPEM) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asociaci%C3%B3n+Dominicana+para+el+Desarrollo+de+la+Mujer+%28ADOPEM%29
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