Business

Brazil's Banco Safra launches its digital bank, AgZero

Offering an account with no charge or credit card fees, AgZero marks the entry of the financial institution into the retail segment

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  • AgZero will offer an account with no charge or credit card fees;
  • The digital bank also plans to offer non-financial products and services as a way to gain more relevance among customers.

Brazil’s Banco Safra, the world’s largest privately-owned bank, launched this week its digital bank AgZero, marking the entry of the financial institution into the retail segment.

The new bank was born without physical branches and based on self-service. There will be no fees or demand for proof of income from customers, as Safra attempts to reach a wider audience.

“AgZero represents Safra’s definitive entry, in a very complete way, into a digital retail bank”, Paula Mazanék, head of Safra’s digital area, told Valor Econômico. “Now, we are prepared for a bolder step and we want to be an important competitor in retail.”

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According to the executive, AgZero will offer a complete account, with no charge or credit card fees. Customers will have access to credit lines – initially, personal and payroll loans, credit insurance, transfer, and payment services. To develop its products, the digital bank develops counts on its own team, currently made up of around one hundred people. “We take advantage of Safra’s learning and expertise, but make the necessary adaptations,” she adds.

As reported by Valor, AgZero also plans to offer non-financial products and services as a way to gain more relevance among customers.

“We have been preparing for a longer time, but this moment is very positive to enter a market that is demanding more digital products”, added the executive.

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