Savings bank: a boy or girl born in Panama will have a savings account in the bank

As part of the social commitment to financial inclusion, digitization of banking processes and marking a historic step towards closing the banking gap in our country, Savings bank presents his new project “We are all born with an account”where every boy or girl born in the national territory already has a savings account “Panama Family Bank.”

“We are all born with an account” It includes every Panamanian, almost 4 million inhabitants, from newborns and small children, to adolescents and adults. Now everyone has an account Savings bank, which must be activated only with an ID card and digitally through its website, www.cajadeahorros.com.pa

Among the initial possibilities of this financial solution is the verification of the validity of the photo or identity card presented by the client, the performance of biometric confirmation according to the document kept by the client. election court, which is the official personal identity entity in Panama. With this, Caja de Ahorros guarantees the safety of the product, the risks of fraud are mitigated, providing a service available 24/7.

He general manager of Caja de Ahorros, Juan E. Melillo, noted that “in the last decade, approximately 75 thousand boys and girls are born each year in Panama, facing unique challenges. As a banking institution, at Caja de Ahorros we have taken responsibility for alleviating them, actively working to close economic inequality gaps and guaranteeing that all Panamanians have access to financial services. With this platform, we will bring banking services closer to all segments of the population, removing obstacles and facilitating access to key financial tools for the economic and social development of our country.”

IN Latin America, we witnessed an 18% increase in the rate of financial inclusion, reaching 77%, according to the results of the World Bank Global Findex 2021. This increase, largely driven by the pandemic, promoted the use of digital channels for transfers, purchases and other banking services. However, the financial inclusion rate in Panama is 46%, so the launch of this product will help create new ways for people of all ages to have their own bank account. The savings bank has a trajectory and mission since its inception, to carry the flag of banking and financial inclusion in the country, and for the last 10 years it has been doing so in the service of the non-banking correspondent of Caja Amigo. Today, for the first time in the history of the country, a product is offered that is born with a person, providing all the guidelines of financial inclusion and mass.

“We continue to transform ourselves to be an important pillar in the national banking market, where Caja de Ahorros is committed to the country, to our clientele and to the mission of contributing to the noble purpose of ensuring that every Panamanian has access to humane and efficient banking. , supporting the growth of their business, fulfilling their personal goals and involving them in every phase of their lives,” concluded Melillo.