14 million Brazilians opened a bank account for the first time in 2020, says BC

Data collected by the Central Bank show that 14 million Brazilians opened, for the first time, a bank account in the country in 2020, during the height of the pandemic.

Entity members believe that the increase is the result of a combination of two factors: the implementation of Pix and the creation of Emergency Assistance.

The numbers for 2021 are still being computed by BC and there is already an expectation of an even greater balance.

This year’s results will still be closed and may include data from the Auxílio Brasil Program. The start of payments coincides with the end of emergency aid launched in 2020 to support vulnerable families during the height of the pandemic.

The survey showed that 70% of new accounts opened in 2020 took place between May and July. During this period, the number of Brazilians over 15 years old with at least one open bank account rose from 86% to 96%. Emergency aid started to be paid in April, in the amount of R$600, and lasted until December.

For the researcher from Fundação Getúlio Vargas (FGV), Ricardo Teixeira, in addition to Pix and assistance, the expansion of digital banks also contributed to the increase in the opening of new bank accounts in the country. Teixeira emphasizes that it is necessary to encourage people not to use only paper money.

“The future will have less and less physical currency. Today we have Pix, which has no fee, it’s safe. Seeking inclusion in Brazil must be our priority”, said the economist.

The growth of digital operations, however, brings greater concern with the emergence of new banking scams against citizens. This is because a survey by PSafe, a company specializing in cybersecurity, shows that more than 150 million Brazilians were victims of virtual fraud in 2021.

“The volume of scams is very large in Brazil. From financial scams alone, security companies were able to block 3.4 million attempts,” highlights an excerpt from PSafe’s research.