Bancamiga celebrates its first 15 years driven by innovation

At the end of February 2022, the institution ranked second in foreign exchange capture in the country's private banking ranking

From the moment of its creation (2007) as a Development Bank, Bancamiga began a solid transformation process always based on its purpose of supporting small entrepreneurs. Ten years later, once this process was consolidated, Bancamiga became Banco Universal in 2017. After 15 years of existence, the result is clear growth, positioning itself among the top five banks in the private national financial system.

Ariel Martínez, Executive President of Bancamiga, pointed out that “we are working to be a different bank, offering innovative products and services that promote greater bankarization, speeding up the pace of commercial activity and stimulating the country’s development.”

He argued that the institution “will continue to focus its efforts on attracting new clients, opening new agencies and promoting formulas different from the traditional ones to offer its services.”

Bancamiga tops these 15 years occupying the second position in deposits in foreign currency in the ranking of Venezuelan private banks and the fifth place in the total amount of deposits.

In recent years, significant investments have been made in state-of-the-art technology to streamline customer transactions, which have allowed the launch of versatile and useful products and services, always framed in current regulations.

Bancamiga was the first financial institution to implement mobile payment in the country and works permanently to meet the needs of the public. For this purpose, the Cash Account was launched on the market, which offers customers the possibility of making deposits and withdrawals of dollars or euros in cash, and the Exchange Desk, which allows buying and selling foreign currency quickly, safely, without intermediaries or surcharges.

Likewise, the Foreign Currency Card, which offers the possibility of making purchases of goods and/or services online and using it at points of sale inside and outside Venezuela, and Apóyame, a service that allows customers to receive dollars immediately and secure in foreign currency accounts at Bancamiga.

Increased customer acquisition

In recent months, the institution has maintained considerable and constant growth, reaching an average of 30,000 open accounts per month. To respond to this demand, it opened the agencies in La Rinconada, Porlamar, Acarigua, Guanare and Maracaibo in 2021 and plans to open new agencies in the rest of the country during 2022.

That same purpose of innovating led Bancamiga to advance in the creation of cutting-edge concepts such as the recent alliance signed with Café Work Center, where an Associated Ticket Office was installed in Centro Lido (Chacao), also innovating in the way of providing banking services to his clients.

Public trust

Bancamiga has promoted with strength and commitment in recent years various Corporate Social Responsibility programs, which are based on five lines of action: education, health, sports, culture and environment.

That is why, in the coming months, actions will be accentuated to reduce school desertion in the country, which has grown due to the difficulties of many families to keep their children in school. These efforts are foreseen through what has been called “triangle of actions” between Bancamiga, clients and Fundafelices, by granting scholarships, sponsorships and individual contributions, so that children and young people continue their studies.

Martínez recalled that one of the most important events of Bancamiga in its history, which reaffirms the importance of the transparency that must govern the financial sector, is the registration of its shares in the Registro Nacional de Valores.

With this fact, the information ceases to be private for its shareholders and interested clients, offering the public the possibility of knowing and reviewing the financial statements, as well as the corporate governance structure maintained by the bank. Registration with the National Securities Registry in 2021 strengthens the trust and the importance that should be given to financial transparency, not only internally but also in view of opening up new investment options.

For the fifteenth anniversary of Bancamiga, Martínez once again wanted to thank the effort and mystique of a group of men and women who, with dedication, responsibility and professionalism, have given their best contribution, which has allowed the Bank to move from thirteenth position in the financial system to occupy one of the top five positions in the ranking.

He also thanked the shareholders for the trust they have placed in him, allowing him to lead Bancamiga and continue promoting its growth.

With information from Bancamiga

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