G10 Bank, the first digital bank born within the favela, opened its first physical branch on 5 February. The branch is located in Paraisópolis, a favela and the largest squatted informal settlement in São Paulo city. The initiative aims to invest in entrepreneurial power and encourage online banking for residents of the Paraisópolis community. Specifically, the branch will complement the digital bank, which uses Dock technology and launched in November 2022.
“We really believe in the empowerment potential of G10 Bank. We decided to open the physical branch to be a point of support for residents. Many still need support to go digital. We want to provide access to everyone”, said Gilson Rodrígues, CEO of G10 Bank and national president of G10 Favelas.
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Physical branch opens to support access to online banking
G10 Bank works as a fintech, with Dock technology, the same as used by large Brazilian fintechs and digital banks. “G10 Bank is a project fully aligned with Dock’s mission of democratising finance to boost society. Access to the financial system is fundamental for the individual’s evolution in today’s society and the generation of wealth increasingly involves financial systems. People need to learn how to utilise online banking. The physical branch will support access to online banking and its resources. These are fundamental for expanding opportunities.”, added Antonio Soares, CEO of Dock.
G10 Bank’s online banking is available for both individuals and legal entities. Features include Pix, bill payments, transfers, deposits and cell phone recharge. A prepaid Visa card will also be available through the account and app.
G10 Bank aims to open four more branches in H1 2024
One of the purposes of the project is to ensure that investments return to the community. 50% of residents operate their own businesses. By concentrating resources in G10 Bank, investments return internally.
“Our goal is to put the community’s money into circulation and generate value here,” said Antonio.
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By GlobalDataAnother objective of the institution is to provide credit. The G10 Bank pilot project, previously carried out non-digitally, benefited around 200 entrepreneurs with microcredits totalling BRL1m ($200,200). “The initiative has made it possible to increase these people’s income and stimulate the creation of jobs in the favelas and contribute to the financial education of entrepreneurs. With online banking and the physical branch, we will maximise these impacts”, said Rodrígues.
