Brazil Favelas Create Their Own Banking System
Financial institutions wouldn’t lend money to people living in the Favelas, so they created their ownThe economic toll of the coronavirus pandemic has hit Brazil’s favelas (slums) hard.
But they’ve emerged from the crisis with a plan for the future: launching their own bank.
The “G10 Bank,” offers micro-loans to small business owners and debit cards to favela dwellers excluded from the traditional banking system.
Maria Valls has the story.
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