Costa Rica: Access to banks accounts vs. Payment Methods
45% of Costa Ricans prefer to pay with cash than use debit cards, despite the fact that nearly 8 out of 10 possess this means of payment.
Thursday, July 23, 2015
According to the latest study by the World Bank (WB), 53.6% of people over 15 years old in Costa Rica have at least one debit card, placing the country in fourth place in Latin America, just behind Brazil , Puerto Rico and Chile.
From a statement issued by the Costa Rican Banking Association:
Cash dominates as payment in Costa Rica
• 45.9% of respondents have a bank account, but prefer to pay in cash.
• Survey reveals that while 8 out of 10 people have a debit card, only 2 out of 10 use it as a means of payment, which represents a window of opportunity to strengthen financial literacy
July 2015 .. Despite the facilities offered by various payment methods offered by the country's financial institutions, Costa Ricans still prefer to use cash, as shown by the survey "Bancarización, finance and savings in Costa Rica" by Company UNIMER for the Costa Rican Banking Association (ABC).
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The Superintendency of Banks in Guatemala has published the Financial Inclusion Report corresponding to the fourth quarter of 2014, noting an increase of 15% in the number of account holders.
From a statement issued by the Superintendeny of Banks in Guatemala:
Financial Inclusion refers to a set of actions which aim to increase access and improve the use of financial services for all segments of the population, including those who have traditionally been neglected, ie, the poor and rural segments. Its importance centers around the fact that lack of access to financial services causes people limitations in their ability to save, receive credit and to protect against the occurrence of situations or disasters that may affect them in their daily lives, through insurance coverage.
According to experts, more branches do not mean a larger banking population.
While the number of bank branches in the country has grown significantly, the number of Guatemalans who have a bank account is less than 25%.
Experts in the field, such as the economist Julio Estrada, say that one of the main advantages of the population being involved in banking is access to credit, which enhances a country's development.
Panama ranks second in Latin America in number of bank branches and ATMs per 100,000 people with 90.28, surpassed only by Brazil with 99.37.
"Banking, or access to banking services, plays an important role in economic development of countries and in reducing poverty while promoting income distribution."
The Academy of Central America heads a group of companies and institutions seeking to promote the use of banking services in this sector.
With funding from the Inter-American Development Bank (IDB) and the Office of Technical Cooperation of Spain, the project seeks to combat poverty in this immigrant sector, for which it is implementing different methods, including lower remittance costs, by intensifying the use of banking services such as savings accounts.
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