Through partnerships with banks,
retailers play an important role in providing financial services
such as loans, deposits, withdrawals, account-opening and bill
payments to low-income Latin American consumers in a model known as
agent- or correspondent-banking.
In this model, the retailer does
not own the customer, but acts on behalf of a bank.
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In Brazil, for example, large banks
such as Bradesco and Santander supplement their branch networks by
using agents such as post offices, convenience stores and retail
chains to provide banking services on their behalf to their (bank
account) customers.
Through its Bradesco Expresso network, Bradesco has 24,887
points of service at non-bank locations such as retail outlets,
according to the World Bank’s Consultative Group to Assist the Poor
(CGAP) unit.
See also: Store cards a major force in Latin
America
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