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May 2, 2023
Banco del Bienestar stops paying remittances in 1,379 municipalities: in 928 (67%), Financiera para el Bienestar has a branch; in 325 (24%) there is a bank branch, correspondent or store to collect them; and in 126 (9%) there is no other payment point, the recipients would have to move to another municipality.
Banco del Bienestar leaves the remittance market. The gradual loss in its market share could partly explain this decision: in 2018 it was 4.1%, and in 2022 it was 2.4%. Households in rural and semi-rural areas may be the most affected, since they will spend more on transfers to collect them in other municipalities.
