May 25, 20 - 10:23 am - LABS

194 banking branches close during the pandemic in Brazil

The crisis caused by the coronavirus pandemic accelerated the closure of banking branches in Brazil. Since COVID-19 started to spread across the country, 194 of them stopped serving customers permanently, according to Folha de S.Paulo.

Specialists interviewed by the media outlet say that the COVID-19 only accelerated the movement that was already taking place – the closure of physical branches is gradual and offset by digital channels and online services.

This year, according to the Brazilian Central Bank, seven cities lost access to a bank, two of them during the pandemic. Currently, almost half of the cities in the country don’t have a branch (42%).