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The first example is very common in El Salvador too. The largest store in every town is usually a "financial correspondent" of one or more banks. The services
by el-salvador 6y ago
The first example is very common in El Salvador too.
The largest store in every town is usually a "financial correspondent" of one or more banks.
The services available are: Remmitance sending/receiving, deposit and withdrawal using bank card, credit card payments, service payments (Eelctricity, Phone, University), service withdrawal, (Drive sharing driver withdrawals), among others.
The tricky part for banks and businesses is offering services with similar deposit/withdrawal amounts so cash is always available without having to organize cash delivery to/from the bank correspondent.