Brazil´s 10 Largest Favelas Join to Open “Favela Bank” Offering Micro Loans, Debit Cards

Dubbed the "G10 Bank," the new financial institution is set to open later this month, offering micro-loans to small business owners struggling to survive the pandemic and debit cards to slum-dwellers excluded from the traditional banking system.

RIO DE JANEIRO, BRAZIL - The economic toll of the coronavirus pandemic has hit especially hard in Brazil's favelas, but the country's 10 biggest favela communities now have a plan to fight back: they are launching their own bank.

Dubbed the "G10 Bank," the new financial institution is set to open later this month, offering micro-loans to small business owners struggling to survive the pandemic, and debit cards to favela dwellers excluded from the traditional banking system.

Brazil has the second-highest death toll worldwide in the pandemic, after the United States, with more than 225,000 people . . .

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