Citi has announced the launch in the Dominican Republic of Citi Mobile Collect. The technology, exclusively for its corporate clients, was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator. In collaboration with Banco ADOPEM, a microfinance institution, the new offering makes it possible for small businesses that are not yet part of the banking system to open an account and perform business transactions. The system makes mobile phones the main tool for merchants to complete financial transactions with their providers who are Citi corporate clients. Companies using the service in its pilot stage include Philip Morris Dominicana and Frito Lay Dominicana.

“Citi Mobile Collect uses cutting-edge technology in an innovative way to address provider payment limitations that directly affect our corporate clients in the Dominican Republic,” says Máximo Vidal, general manager, Citi Dominican Republic. “We are offering providers a more efficient way to receive payment from their distributors, even in communities with low levels of banking, allowing them to expand their market.”

In the Dominican Republic, producers distribute consumer products directly to retail establishments. Many of the country’s approximately 80,000 neighborhood grocery stores and other small businesses operate on a cash basis only; currently, around 64 per cent pay their providers in cash.

Share Story: