Leonardo Aguilera assumed the executive presidency of Banreservas, the largest financial institution in the Dominican Republic, in August 2025. He holds a PhD in economics, has more than 20 years of university teaching experience, and is the founder of the Cibao Economic Centre. Between 2020 and 2025, he headed the Dominican Petroleum Refinery (Refidomsa). Following his appointment, Dr. Aguilera spoke with World Finance about Banreservas’ fundamental role in the Dominican economy and the bank’s priorities for the future.
Banreservas reported a rapid increase in lending in recent years compared with prior periods. How has this benefited the national economy?
Greater access to credit has enabled both large corporations and SMEs to diversify their offerings, improve operational efficiency, and ultimately boost job creation and incomes. In addition, the availability of bank financing – delivered by executives with deep expertise in tailoring structures to each project – helps attract foreign investment. In tourism, a key pillar of the economy, financing has been essential to developing core infrastructure: hotels and resorts, airlines, cruise ports, transport networks and attractions. Credit has also broadened and strengthened supply chains. By financing suppliers and service providers that support tourism – local food producers, artisans, and transport services – banks reinforce the overall ecosystem.
We currently hold the number one position in the credit card market
Meanwhile, consumer lending has played, and will continue to play, a central role in stimulating domestic tourism by giving people access to affordable financing for travel and leisure.
The ripple effects are positive for retail, hospitality and agriculture. We currently hold the number one position in the credit card market. To date, Banreservas has issued 1.44 million credit cards and 3.77 million debit cards, a combined year-over-year increase of 24.5 percent. We also lead the payment platform for social assistance programmes, serving roughly 855,000 beneficiaries, and we support merchants with a range of annual promotions.
What role is Banreservas playing today in advancing financial inclusion, for example through education?
One of our most significant initiatives is the PUEDO programme – our first large-scale effort, in partnership with the Ministry of Education, to deliver financial education in public schools. Through PUEDO, we have reached 4,300 students in 17 public schools across several provinces, focusing on those in the final years of primary and secondary school. We are now scaling to thousands more institutions, extending financial education to more than 7,800 schools nationwide as well as to teachers. We recently convened with more than 1,000 students from the southern region – mostly in early grades – and were encouraged by their enthusiasm for learning about money management and the importance of saving for emergencies and future needs.
Meanwhile, through our ‘Banking is the Nation’ programme, we have brought more than 900,000 Dominicans – many from vulnerable communities – into the formal financial system by combining digital accounts, government payrolls, and social subsidies. This effort is supported by more than 4,000 financial literacy workshops.
Banreservas is implementing an internationalisation strategy to expand access to financial services for Dominicans living abroad. What has been achieved so far?
We continue to take important steps to connect the Dominican diaspora with the national financial system. Our compatriots in the US and Europe – more than 2.5 million people – send over $10bn in remittances annually, a vital source of support for our economy. The establishment of three representative offices – Madrid, New York and Miami – fulfills a commitment made by President Luis Abinader and makes Banreservas the first Dominican bank with a presence in both Spain and the US. These offices have already served more than 60,000 clients, processed more than 25,000 savings account openings, and handled mortgage applications totalling over RD$3bn.
In the near term, our focus is to strengthen this presence and offer Dominicans abroad more options for dynamic engagement, allowing them to benefit from Banreservas’ footprint in these markets and remain closely connected to their homeland. Through international real-estate fairs held in New York, Lawrence and Madrid in 2024 and 2025, we have showcased a broad range of residential projects to Dominican communities abroad. Working with leading developers and real-estate agents in the Dominican market, we provide personalised advice, preferential financing, and the assurance that comes with Banreservas being present in their community.
Rather than viewing Dominicans abroad simply as remittance senders, we see them as active partners in national growth. Looking ahead, we are developing even more innovative digital solutions that will allow them to manage their entire financial lives remotely, quickly, and securely. These efforts also align with the President’s commitments to Dominican communities abroad – commitments Banreservas embraces as the bank with the strongest ties to our diaspora.
What are Banreservas’ main priorities and objectives through 2030?
We have three priorities. First, deepen our digital transformation. We will continue to expand our digital capabilities to deliver faster, more secure, and more personalised solutions for corporate and retail clients. That includes optimising payment platforms, cash-management, and financing services with a strong focus on user experience and regional interoperability.
Second, optimise capital to fund innovation and expansion. Following the capital increase authorised by Law 13-24, Banreservas now has a significantly stronger capital position. We will leverage this to accelerate technological innovation, expand banking infrastructure, and enhance our suite of transactional products – investing in cybersecurity, process automation, new digital channels, and expansion into key regional markets.
Third, expand financial inclusion. We will drive initiatives in underserved communities by integrating accessible digital solutions and strategic partnerships to broaden the reach of our transactional services. We will continue developing products that help micro and small businesses grow – facilitating access to credit, modern payment methods, and financial tools that improve sustainability and competitiveness.
In September 2025, the bank announced RD$7bn to finance national productive sectors at preferential rates. Which sectors will benefit?
These funds are targeted at the country’s main productive sectors: construction, commerce, manufacturing, exports, health and agriculture.
Banreservas recently reported that its CREE programme – which supports entrepreneurs and innovative projects – has channelled more than RD$72m in equity investments since 2015. What role will this programme play going forward?
CREE will remain Banreservas’ flagship initiative for backing innovation. By combining equity investment with specialised mentorship, it contributes to national socioeconomic development. We expect CREE to broaden its reach, supporting more founders at the early and growth stages while strengthening business models.
The vision is to cement CREE as an engine of innovation – turning ideas into high-impact projects that address social and economic challenges and help build a more prosperous future for all Dominicans.
What else is the bank doing to support entrepreneurs and SMEs?
Fomenta Pymes offers flexible financing, technical advice, and specialised support to strengthen management and competitiveness among SMEs. The programme facilitates access to credit, provides training tools, and connects entrepreneurs with support networks – helping businesses grow sustainably, create jobs, and boost local economies.
How is the digitalisation of banking services progressing, and what are the key objectives in this area for the next five years?
With the launch of the TuBanco Personas platform, we have modernised online banking for individuals, delivering a faster, more intuitive, and more secure experience. Our AI-powered virtual assistant, Alma, has become a key self-service channel. We have also redesigned the Personas app to give customers greater autonomy in managing products such as accounts, time deposits, cards and loans. The Banreservas MIO Digital Account has expanded access for traditionally underserved segments, while digital onboarding allows new customers to join without in-person visits. In addition, Banreservas Wallet complements Apple Pay and Google Pay, offering additional contactless options.
We will continue developing products that help micro and small businesses grow
For business clients, we have implemented solutions that optimise cash-management and digital transactions, including Automated Deposit Vaults and a direct interconnection platform with corporate ERP systems that enables automatic reconciliation of large transaction volumes. We also offer a Digital Token for businesses to modernise authentication across digital channels – replacing physical devices with a more secure, efficient solution aligned with international cybersecurity standards. Together, these solutions reinforce Banreservas’ leadership in the sector.
Over the next five years, our digitalisation strategy centres on four pillars.
1) 100 percent digital onboarding and services: ensuring that both individuals and businesses can open, manage, and close products through digital channels, supported by advanced biometrics and security controls.
2) AI-powered hyper-personalisation: leveraging AI and data analytics to deliver more contextual, proactive financial solutions.
3) Cloud scalability and resilience: consolidating migration to cloud platforms for greater agility in responding to regulatory change, demand spikes, and new product launches.
4) Expansion into digital ecosystems and BaaS: deepening partnerships with fintechs, companies, and government entities through Banking-as-a-Service models that expand innovation and self-service.
With this roadmap, Banreservas seeks not only to modernise its digital channels but also to redefine how customers interact with financial services – placing innovation, accessibility and inclusion at the centre of the bank’s strategy.
