The number of minimum banking services (SMB) accounts increased by 13% on June 30 this year compared to the end of 2021, “driven by the opening of these accounts by displaced Ukrainian citizens,” the Bank of Portugal (BoP). . .
“As of June 30, 2022, there were 169,698 SME accounts, 13% more than at the end of 2021,” says the central bank, detailing that, “in the first six months of the year, 21,974 accounts were created and 2,682 were closed, of which 86.8% at the request of the client”.
According to the BdP, “contrary to what happened in previous periods, the growth in the number of SME accounts was due more to the opening of new accounts — driven by the recruitment of displaced Ukrainian citizens — than the conversion of existing current accounts”.
Thus, of the accounts created during the first half of 2022, only 49.5% resulted from the conversion of a current account domiciled in the institution (compared to 73.7% in 2021).
Also “reflecting the opening of SMB accounts by displaced Ukrainian citizens”, in the first half of the year the percentage of new accounts set up by women increased from 51.1% in 2021 to 59.7%, and by 10-year-olds or more. and under 45 years of age, from 28.8% to 39.7%.
In the statement released this Tuesday, the BoP recalls that “encouraged national credit institutions to inform displaced Ukrainian citizens about SMEshaving also organized an information campaign on this account among the migrant population, with the support of the High Commissioner for Migration”.
Explaining that “the SMB account, as a general rule, can only be held by individuals without other current accounts”, the central bank points out that “the use of the exceptions provided for in the law remained relatively low”.
At the end of the first semester, 76.4% of existing SME accounts had only one owner. Only 4.8% of SME accounts were in the hands of people who had other current accounts, as they were co-owners of people over 65 years of age or with a degree of disability equal to or greater than 60%”, he explains.
As he adds, “only in 1.4% of the existing accounts at the end of the year, the SMB account was in the hands of people who were also co-holders of another SMB account with a person over 65 years of age or with some degree of disability” . equal to or greater than 60%.
On the other hand, at the end of the first half of the year, “the majority of SME account holders still did not have other banking products in the institution”, and “77.9% of SME accounts were in the hands of people without bank accounts”. fixed term”. in the same institution, and 84.9% was in the hands of clients without credit products in the institution”.
Source: Observadora
