At the end of 2024, Bancamiga finished among the first five private banks in Credit Portfolio, reaching an annual growth of 123.69 %, a figure that allowed it to capture 6.76 % of the private stratum and 4.38 % of the total Venezuelan banking system.

These achievements have been the response to the institution’s effort to bank and retain more Venezuelans, through a broad portfolio of attractive products and services, which have made it a benchmark for innovation.

During the past year, while the banking system obtained an annual increase in its financial income of 57.35 %, Bancamiga achieved a notable increase of 80.84 % ​​compared to December 2023, due to its efforts to offer customers cutting-edge solutions that meet their needs and support their development.

This effort has materialized in recent months in products such as Conexión Amiga, which allows its clients in Venezuela to receive funds from abroad safely, easily and quickly; the tokenization of the Bancamiga Debit Card in the Bancamiga Suite application and in Garmin Pay, and ID Check or an additional layer of security available in the App for online transactions.

Bancamiga: Operational efficiency

Within the framework of its planned growth strategy, Bancamiga continued to promote the placement of Points of Sale, closing the year with a total of 33,847 POS, the most modern and versatile on the market.

Bancamiga Points of Sale, developed in partnership with Soluciones Integrales Tecnológicas SIT, C.A., offer the possibility of paying and recharging telephone and TV services, stamping the 5 and 6 and playing the lottery. The businesses receive a commission and the settlements are daily regardless of whether it is Sunday or holiday. All are Contactless technology.

Equally positive at the end of December 2024 is the Equity, which places Bancamiga in fifth position in the ranking in this category, with a concentration of 4.41 % of the total private banking, driven by the impact of the credit portfolio and the increase in capital, a fact that demonstrates the commitment of the shareholders to the well-being of the institution.

Bancamiga’s annual performance in this category was upward, reaching 84.89%, a figure higher than that of the system, which was 84.73%.

The figures for Credit Portfolio, Financial Income, POS placement, and Equity are a sample of the accelerated development that Bancamiga has achieved since it became a Universal Bank in 2017, a growth that has as allies technological innovation and a trained, hard-working, and mystical human resource, eager to launch customer-friendly products and services.

A few months away from reaching its majority in March, Bancamiga is positioned in the Venezuelan financial system as a leading bank, which plans to continue offering Venezuelans innovative solutions, reach 200,000 points of sale placed, and maintain its expansion, after the Lecherías, Calabozo, Cumaná, Valera, Maturín Centro, and San Francisco agencies were inaugurated in 2024; the San Diego External Ticket Office at the José Antonio Páez University was opened, and the Barquisimeto Centro, Maiquetía and El Cementerio locations were moved, all with the aim of offering better service to customers.

With reference information and images provided by Bancamiga Banco Universal

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Venezuela continues to advance in the application of digital technology in its banking system, where transactions in this modality are at 99.1 %.

The president of the Venezuelan Banking Association, Pedro Pacheco: “We are in an extraordinary moment,” when addressing the issue of new technologies, ethics and regulation.

He argued that although the country is lagging in the technological field, initiatives have been applied to counteract what he considers “a decade of disinvestment.”

Pacheco was optimistic about the digitalization of the banking apparatus, stating that there is “a rebirth and an awareness of the need to catch up” on technological issues and Banking has a fundamental role.

The national banking system “has been making strong progress on issues that we had lagged behind, such as contactless,” he added.

He noted that in June the Superintendency of Banking Sector Institutions (Sudeban) published regulations to regulate the opening of digital bank accounts, as well as electronic contracts, biometric security system, among others.

Pacheco highlighted that in Venezuela, “99.1 % of digital transactions exceed the in-person operation of going to an agency. The (transaction in) agency practically today means less than 1%.”

Regarding financial inclusion, the president of the Venezuelan Banking Association indicated that “84 % of Venezuelans have a bank account. “We are leaders in Latin America when it comes to inclusion and banking.”

It is estimated that by the end of 2024, 70 % of operations will have reached contactless points of sale.

M.Pino

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(Reference image source: Unsplash+, in collaboration with Oleg Ivanov)

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Bancamiga becomes the first bank to offer its clients the possibility of paying from its mobile application with their Bancamiga Debit Card at any point of sale with contactless technology, reaffirming its technological leadership in the Venezuelan financial market.

This functionality is mainly an attribute of the Bancamiga Debit Card in its individual, Kids, business and Black presentations.

To have this advantage you only have to update the Bancamiga Suite app in the Play Store, which will allow the Bancamiga Debit Card to be tokenized on your cell phone. At the moment Apple does not allow this type of advantage within its wallet.

With this innovation, Bancamiga customers will be able to make their payments by simply bringing the application closer to the Bancamiga Points of Sale, developed in alliance with Soluciones Integrales Tecnológica SITCA.

Bancamiga POS are supported by NFC (Near Field Communication) technology, which allows short-range communication between two wireless devices in a comfortable and fast manner.

Bancamiga’s technological leadership with cutting-edge products and services

The President of the Board of Directors of Bancamiga, José Simón Elarba, expressed his pleasure at this new achievement of the institution, which joins others that have marked the Venezuelan financial system such as the Mobile Payment service, contactless points of sale and the Bancamiga Debit Card, the only one that allows the simultaneous handling of foreign currency and bolivars.

At Bancamiga we will continue to strive to offer Venezuelans cutting-edge products and services that satisfy their needs and bring them closer to faster, more modern and safer ways to pay,” added Elarba.

With information and reference image provided by Bancamiga Banco Universal

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The president of the Venezuelan Banking Association, Pedro Pacheco, pointed out that by the end of 2024 between 75 and 80% of banks will have implemented contactless technology and that by the beginning of 2025 its incorporation is expected to be 100 %.

Pachecho gave the information during an interview for Unión Radio, and “advanced that the initial limit of the card will be $20 to speed up the process and evaluate how it works.”

The official clarified that if the user spends more than $20, the system will ask for the password and that as the amounts increase, the demands will be greater.

Facilitating transactions and offering greater security to national banking users is the focus of technological initiatives by national authorities.

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With the firm purpose of promoting banking access for Venezuelans and promoting the development of the country, Bancamiga celebrates its first 17 years this Tuesday. And it does so with 47 agencies, a modern portfolio of services and products such as the Bancamiga Debit Card and the Kids Card for minors, more than 160,000 points of sale in place and being one of the leaders in deposits in both bolivars and foreign currencies.

From the moment of its creation as a Development Bank in 2007 and in 2010 as a Microfinance Bank, Bancamiga began an important transformation process committed to society and supported by technological innovation, which led it to become a Universal Bank in 2017. Since that moment its growth has accelerated, placing it among the first in the national private financial system.

The president of the Board of Directors of Bancamiga, Carmelo De Grazia, maintained that the development of the institution has counted on men and women with mystique, a sense of belonging and dedicated to promoting the country’s progress.

“And today we promote this growth on the foundations of values ​​such as honesty, trust, innovation, service and empathy, which have allowed us to add more and more Venezuelans, in a banking process that does not stop and that seeks to reach the most remote places in Venezuela,” he said.

Being the first has been an element that has characterized Bancamiga in its 17 years. It was a promoter of mobile payment in the country seeking to satisfy the needs of Venezuelans and launched the Cash account, which allows deposits and withdrawals in foreign currency. It has also promoted, in alliance with Soluciones Integrales Tecnológicas SITCA, the placement of points of sale with contactless technology, which offer the possibility of paying and recharging telephone and TV services, stamping 5 and 6, playing the lottery and where settlements are Trade is carried out daily, regardless of whether it is Sunday or holiday.

This same contactless technology supports another of its innovative products: the Bancamiga Debit Card, through which customers can make purchases online and pay at points of sale both in Venezuela and abroad. With this financial instrument, they can also use their accounts in bolivars and foreign currencies.

For the executive president of Bancamiga, Ariel José Martínez, the institution plans to continue its expansion this year with the opening of new agencies, which will join those of Lechería, Valera, Cumaná and Calabozo, recently opened during the months of February and March. Along the same lines, accentuate operations to bring Bancamiga closer to more Venezuelans regardless of where they are.

“To attract more customers, we offer products and services tailored to their needs, which can be used quickly and safely. They have robust Internet Banking and an easy-to-use application like Bancamiga Suite,” he added.

This bankization process also has an ally such as Bancamiga Móvil, which last year was a key element for the banking institution to achieve 1,035 operations in the country.

Martínez stressed that in 2024, Bancamiga will continue to reach out to more Venezuelans and reaffirm its commitment to social responsibility with projects to support microentrepreneurs and women, and supporting initiatives in education, health and environmental protection.

“Turning 17 years is a good time to thank our clients for their trust and loyalty, and our collaborators for their selfless effort and daily commitment. Thanks to you, we can celebrate 17 years of success.”

With information and images provided by Bancamiga Banco Universal

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