Brazil favelas launch bank amid economic hit of pandemic
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The economic toll of the coronavirus pandemic has hit especially hard in Brazil’s favelas, but the country’s 10 biggest slums now have a plan to fight back: they are launching their own bank.
Dubbed the “G10 Bank,” the new financial institution is set to open later this month, offering micro-loans to small business owners struggling to survive the pandemic and debit cards to slum-dwellers excluded from the traditional banking system.
By Florence Goisnard via Yahoo Finance