Mário Cruz / Lusa
The initiative aims to facilitate access to cash for populations in more remote areas. More than 40% of parishes in Portugal do not have an ATM.
A new “social ATM” project is being prepared in Portugal with the aim of strengthen access to cash in regions where the population faces greater difficulties in raising money. The initiative, which involves SIBS and several public entities, envisages the installation of ATMs in parish councils in more isolated areas of the country.
According to information collected by , the pilot project should start in the coming months and cover around two dozen parishesespecially in areas where the closure of bank branches and the removal of ATMs have worsened problems with access to basic financial services.
SIBS confirmed that it is working on a solution aimed at “expanding access to money and other day-to-day financial operations” in regions identified by Banco de Portugal as being further away from banking access points. The company adds that details of the project should be presented by the end of the first half of the year.
Despite the most recent data from Banco de Portugal indicating that more than 98% of the population lives less than five kilometers from an ATM or bank branch, strong regional inequalities persist. More than 1200 Portuguese parisheswhich corresponds to around 41% of the total, currently do not have any physical means of withdrawing money.
The most affected populations are mainly elderly people and residents in rural areas and low population density, for whom cash continues to be essential in daily life.
The so-called “social ATM” should at least allow the withdrawal of money, but the solution could include other financial services, such as payments and transfers.
In addition to this measure, Banco de Portugal is also analyzing the possibility of expanding the “cash-in-shop” modelalready used in several European countries, which allows consumers to withdraw money directly in supermarkets and commercial establishments.
