Bank aims to connect $1.5 billion to Brazilians

Brazil’s Central Bank is setting up a program to link unused R$8 ($1.5 billion) in financial institutions to Brazilians who are eligible for the funds, the Rio Times reported.

Previously, there was no easy way to access these resources until the central bank stepped in with a specific program. The first stage will involve the consultation and reimbursement of 3.9 billion reais.

Unused funds totaling 3.9 billion reais are due to closed accounts with balances, sharing of credit union net surpluses, closed consortium groups and fees related to credit operations.

See also: Startups in Brazil attract capital exceeding $9.4 billion in 2021, doubling in 2020

An additional amount of 4.1 billion reais is expected to be made available throughout 2022 due to fees and installments or obligations related to credit operations, closed prepaid and postpaid payment accounts with an available balance, payment accounts records held by brokers that have been closed with balances, and other scenarios recognized by institutions.

The official website of the Central Bank of Brazil was taken offline after the new program was released on Monday, January 24, and users flooded the site to access the information. The English version of the central bank’s website was still down on Tuesday morning (January 25).

Read more: Payments firm LatAm Ebanx expects to double Mexican market

In other Brazil news, the government has changed immigration law to attract digital nomads to the country, ZDNet reported. The change offers foreigners a one-year renewable visa in hopes that well-paid people will come to the country and contribute to the economy. Justice secretary and head of the National Immigration Council, José Vicente Santini, said the new regulations are also expected to increase tourism.

“The salaries of digital nomads come from external sources, and the resources that these immigrants bring can boost the national economy. This is an important step for Brazil in promoting one of the most modern work models in the world,” Santini said, according to ZDNet.

You can also enjoy: Brazilian bank Topaz acquires majority stake in Cobiscorp

——————————

NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of US consumers believe biometric authentication methods are faster, more convenient and more reliable than passwords or PINs. So why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed over 2,200 consumers to better define this perception in relation to the usage gap and identify ways companies can increase usage.

About Andrew Miller

Check Also

The junta propaganda debacle in Dili

Particularly disturbing in the context of a press conference, he attacked Myanmar’s news sector wholesale, …