The unbanked population of Brazil decreased by 73% during 2020, according to research by Mastercard, with 70% of Brazilians over the age of 15 now holding an account.
The surge in openings has reportedly been driven by the need to receive state-financed Covid-19-relief funding. At the start of the pandemic, the government was faced with the challenge of how to disburse financial relief to a substantial unbanked population. In response, Caixa Econômica Federal (CEF), the largest state-owned bank, released Caixa TEM, a banking app to facilitate easy account openings.
