In Venezuela, 98 % of banking transactions are digital

During the conference entitled “Finances for All”, held on the beautiful island of Margarita on the occasion of the inauguration of the Center for Integral Studies, José Grasso Vecchio, a prominent financial analyst, emphasized the crucial relevance of credit activity to promote the expansion and sustained growth of the economy in any corner of the world.

In his speech, Vecchio made reference to the economic situation in Venezuela, where the main export products come from the agricultural sector, and stressed the importance of granting credits to further promote this economic field.

“In the case of Venezuela, the credit portfolio reached 1,004 million dollars in June, destined mainly to the National Productive Single Portfolio, covering items such as white corn, yellow corn, rice and legumes. In addition, support has been provided to items such as coffee and cocoa, both for domestic consumption and for export, as well as to other agricultural sectors, the food and pharmaceutical sectors,” explained Vecchio.

Another relevant credit area mentioned by the expert was support for entrepreneurs. To date, there are approximately 700,000 businesses under development in the country, and this figure is expected to exceed one million by the end of 2023. He also highlighted microcredits for legal entities, which benefit small businesses.

“Even so, we still have a pending task: the rescue of loans in sectors of interest, such as vehicles, mortgages and consumer loans. It is essential to renew a significant part of the cargo, passenger and transport fleet staff,” the analyst continued.

Vecchio optimistically pointed out that, compared to the same period of the previous year, national banks show positive indicators and results at the end of December 2022, a trend that has been maintained at the end of the first half of 2023.

“It is noteworthy that 98 % of bank transactions are digital, and bank access has reached levels of 84 %. In this sense, bank branches have reduced their role in customer service, focusing on those aspects that require physical presence,” Vecchio stressed.

In addition, the analyst praised the process of modernization of the means of payment promoted by the Central Bank of Venezuela (BCV), which has led the country to become a digital economy.

These advances include immediate credit services and the Real Time Global Gross Settlement System (LBTR) and immediate debit, which will significantly facilitate the payment system in the country. With these developments, Venezuela is moving towards a more solid and modern financial future.

K. Tovar

Source: Contrapunto

(Reference image source: Austin Distel, Unsplash)

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