Gas stations, supermarkets and pharmacies can function as a bank

Among the many outstanding issues of the Argentine economy, it is important to raise the degree of The banking population, which is among the lowest in the world, with 15% of GDPbetween one-third and one-half of what is recorded by the major economies of the region, and up to one-sixth of what is observed in highly developed countries.

One of the consequences of this phenomenon is not only the weak development of the capital market, but also the lack of a clear savings culture in the institutionalized financial system, which limits the spread of credit to families and businesses.

It is therefore not surprising that, as part of the new policy pursued by the monetary authority, the Central Bank Council, led by Guido Sandleris, has decided to allow banking operations through complementary agencies, usually called "correspondent banking", in the stores. service stations which are characterized by a large influx of public. It is also in line with AFIP's policy of attacking informality and fraud.

Correspondent banking can be established through agreements between banks and different networks of companies or entities – such as, for example, service stations, supermarkets, pharmacies, State mail, "he said. The decision of the BCRA was sanctioned by its Communication A 6603.

"Thanks to this measure, users will have a complementary alternative, simple and fast to access the services provided by a bank, allowing them, among other things, to open an account, create a term account, to make their payments and to obtain loans where those who usually carry out their daily activities, "says a source from the Central Bank.

It is believed that this regulation will particularly benefit people who live far from bank branches and is part of an ongoing goal to strengthen financial inclusion. For example, cash withdrawals were already allowed in supermarkets and other businesses, which have been growing rapidly in recent months.

"International experiences – in countries such as Brazil, Mexico, Colombia or Peru – have shown that this tool allows them to open new channels of access to the financial system. Banking services become effectively inclusive, improving the living conditions of the most disadvantaged sections of the population, as well as the development of small and medium enterprises ", have observed BCRA technicians to go ahead with this initiative that was maturing in recent years.

It is estimated that the opening of these points of access to the banking system will also improve the payment processes of the more than 14 million benefits offered each month by ANSES, often in areas where access options are difficult to access. to access. banking system due to the lack of branches of paying agents.

Another great advantage of extending the bank through the commercial system is that it will minimize transaction costs and promote the formalization of the economy in low-density populations, where branch coverage traditional banking is not covered.