Banco Popular's Toke platform reaches 1 million users in Dominican Republic

Banco Popular Dominicano has reported significant growth for its digital payment ecosystem, Toke, which has surpassed one million registered users within its first six months of operation. The platform has also integrated more than 30,000 micro-merchants into the digital economy.

According to bank executives, including CEO Christopher Paniagua, the platform is driving financial inclusion in the Dominican Republic. Approximately 70% of the users who opened accounts through the Toke app had no prior relationship with any other financial institution. The service allows for instant, no-cost transfers and payments using only a mobile phone number.

To facilitate access for unbanked individuals, the platform offers the ability to open a 'Cuenta Flash' entirely digitally. The ecosystem currently includes over 10,000 drivers and more than 1,500 tip recipients, aiming to reduce reliance on cash in daily transactions.