Banks can open branches in supermarkets, pharmacies and other businesses – Economy

The Central Bank has authorized the possibility of carrying out transactions through correspondent banks, agencies created under an agreement between financial entities and commercial networks.

This will allow users, among other operations, to open an account, take out a futures contract, make their payments and obtain loans where they generally carry out daily activities.

In a press release, the central informed that, thanks to this agreement, "banking operations will be allowed in different types of business, such as gas stations".

These correspondent banks can be established, explained the Central Bank, through agreements between banks and various networks of companies or entities, such as gas stations, supermarkets, pharmacies or state mail.

"With this measure, citizens will have a complementary alternative, simple and fast to access the services provided by a bank," said the central in a statement.

He added that "this regulation will particularly favor people who live far from bank branches and is part of a permanent goal to strengthen financial inclusion".

In this sense, the BCRA had already authorized the withdrawal of cash in supermarkets and other stores, a transaction that has been growing rapidly in recent months.

International experiences – in countries such as Brazil, Mexico, Chile, Colombia or Peru – have shown that these correspondent banks have opened new channels of access to the financial system.

"As a result, banking services are becoming inclusive, improving the living conditions of the less fortunate sections of the population, as well as the development of small and medium-sized enterprises," the BCRA said in a statement.

Correspondents minimize transaction costs, maximize financial intermediation and promote the formalization of the economy.

In addition, the opening of these points of access to the financial system will also improve the payment processes of the more than 14 million benefits paid each month by ANSES, often in areas that are difficult to access the system. banking system due to the lack of branches of paying agents.

The regulation also establishes the conditions under which correspondent banks must act, clearly establishing that the responsibility for their activities rests with the banks and including the respect of minimum security standards and other requirements ensuring that banking services must be provided. adequately and transparently.