As the Covid-19 outbreak evolves in Brazil, the government is undertaking the largest and fastest financial inclusion exercise enabled by technology in the country – and potentially the world, given its scale.
Through state-owned bank Caixa Econômica Federal (CEF), Brazil started an emergency aid program aimed at 54 million financially vulnerable citizens, who will be paid 600 reais ($117) monthly until June. This includes millions of previously unbanked citizens, who are being provided with a mobile-based savings account.
By yesterday (8), 24 hours after the emergency aid registration website and app went live, CEF had processed applications from over 25,1 million Brazilians. Of that total, 39,3% chose to open the digital account offered by the bank to receive the monthly payments.
It is estimated that 45 million adults in Brazil don’t have access to a bank account – and many are expected to receive the emergency assistance, dubbed “coronavoucher”, from