Bancamiga and TecnoFarma launch closed-circuit credit card

As part of its corporate strategy focused on offering innovative payment solutions and supporting the purchasing power of Venezuelans, Bancamiga has formed a commercial alliance with the TecnoFarma pharmacy chain for the official launch of the Bancamiga TecnoFarma credit card.

In this first phase, the institution assigned 4,000 12-month revolving credit cards, primarily to frequent shoppers at partner stores. The initial allocation was based on a credit evaluation considering average purchase amount, purchase frequency, and the bank’s financial assessment.

For all customers interested in applying for this financial instrument, the application process will be conducted through TecnoFarma store branches. At each location, customers will find a QR code that they can scan to quickly and easily complete the application. An active Bancamiga account is required to process the application.

The Chairman of the Board of Directors of Bancamiga, José Simón Elarba, highlighted the significance of this agreement for the sector:

“With Bancamiga’s first alliance in the pharmaceutical sector, we reaffirm our business vision focused on developing tools tailored to the needs of the Venezuelan market. The strategic alliance with TecnoFarma represents a fundamental step forward in diversifying the bank’s portfolio by segmenting credit and ensuring that funds are allocated to essential items at highly reliable partner businesses.”

Operation and benefits of the instrument

The Bancamiga TecnoFarma credit card operates on a closed-circuit system, limiting its use exclusively to the national network of 57 establishments in the pharmacy chain.

Among its main features are:

Immediate financing: purchase of medications, medical supplies, and personal care products instantly and without a down payment.

Financial conditions: 12-month revolving line of credit with an annual interest rate of 22%.

Fast Checkout: Priority, fast, and secure payment processing for cardholders.

Credit History: An opportunity to build and consolidate a financial record within the Bancamiga banking ecosystem.

Coverage and initial monitoring

In this launch phase, card applications and delivery are available to eligible customers in Greater Caracas, the Central Region, Los Llanos, and the city of Maracay.

Bancamiga will continuously monitor the performance and payment behavior of the first cohort of 4,000 cardholders during the last quarter of the year. Customers can check their card assignment and status through online banking and the institution’s official digital channels.

Information and images are for illustrative purposes only and are courtesy of Bancamiga Banco Universal

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