November 17

Pandemic Draws More Latin American Poor Into Banking System

Sonia Fierro has lived her entire adult life selling children’s books on the streets of Colombia’s capital, earning wages that barely cover her living expenses, let alone the monthly fees that come with a bank account.

When the pandemic left her short on cash, she qualified for government aid, but she needed an account where the money could be sent. With the help of her tech-savvy daughter, she signed up for a virtual banking app called DaviPlata, which allows users to receive money, retrieve cash and make payments.

“It’s the best thing they could have done because it’s easy and doesn’t cost anything,” she said.

Photo courtesy of Austin Distel.

Source: The Associated Press (link opens in a new window)

Coronavirus, Finance
digital payments, financial inclusion