Visa is partnering Inter-American Development Bank (IDB) to promote financial inclusion for residents of Complexo do Alemão, a cluster of favelas located in Rio de Janeiro (view press release). Visa and IDB plan to develop innovative local solutions designed to allow the community to access the formal financial system and its benefits. The scheme will also provide individuals and small businesses with the information and education needed for sustainable inclusion. The partnership consists of a three year commitment with three main phases; they include financial literacy, financial consultancy and facilitating access to financial inclusion. Based on this data, Visa and Bradesco, one of its financial institution partners, will study and assess opportunities for meeting the needs of the residents, seeking financial tools which will allow them to make and receive payments in a secure and innovative way.

“Visa believes that everyone has the right to basic financial and payment services. Our partnership with the IDB is crucial in delivering on the promise of economic growth that electronic payment systems can provide,” says Rubén Osta, Visa do Brasil’s General Director. “Our collaboration with IDB helps us fulfill our goal of developing financial inclusion products, services, technology, and tools to help bring this community into the formal economy and provide everyone with a more dignified and secure life.”