Today, financial inclusion stands as a global priority. But Banco Popular has been pursuing this goal for over a century, focusing its efforts on placing people at the heart of progress, enabling customers to achieve their goals, and aiding in the economic enhancement of their communities.
From its early days of promoting the use of piggy banks to launching a mobile bank in the 1950’s, Popular has evolved to make banking accessible to all.
The ATH network then emerged in the 1980s, followed by the creation of government beneficiary programs and telephone banking services in the 1990s, which highlighted the bank's continuous commitment to modernization and accessibility.
Later, during the 21st century, educational workshops, community efforts, and government collaborations were integrated, marking a focus on financial education, covering everything from budgeting to retirement planning. Initially, this financial education began with workshops offered in town squares, including information about bank products and how to improve credit.
This evolved in the early 2010s with the "Finanzas en tus Manos" initiative, a formally established workshop program aimed at strengthening financial education by enabling individuals and communities from this knowledge, covering topics such as budget management, saving, building good credit, preparing for retirement, and starting your own business, among others.
"At Popular, financial inclusion is part of our DNA. The bank is committed to having consistent presence in its communities and making its financial products and services accessible to all types of customers with the goal of reducing poverty and inequality, as well as fostering the country's economic development. Moreover, it has made a significant effort to provide comprehensive financial education to our population," said Vivien Montañez, manager of the Retail & Business Core Channels group at Popular.
In 2012, the "Finanzas en tus Manos" initiative was complemented by the multisectoral alliance "Echar Pa’lante", through which Popular has served as a driving force in promoting entrepreneurship education across all sectors of society, with adults being the initial beneficiaries. This year, an entrepreneurship curriculum was approved and implemented last August in Puerto Rico's educational system for the 2023-2024 school year, integrated into all subjects from kindergarten to Senior year, aiming to develop these skills before future generations join the workforce.
"The main goal of ‘Echar Pa’lante’ is to integrate and strengthen the microenterprise ecosystem as one of the engines of development for Puerto Rico. This is part of several collaborative efforts by Popular with the government, other private companies, nonprofits, and academia to boost the country's economy and reach unbanked communities," Montañez explained.
Indeed, this effort to reach populations that have not had access to banking services has been one of the areas that has distinguished Popular in recent years, earning the institution several recognitions, including the prestigious certification awarded by 'Bank On'.
"In 2022, we became the first financial institution in Puerto Rico to receive this certification, granted by a nonprofit entity that requires compliance with certain standards. They review the types of accounts you offer, which must be considered 'safe and accessible' to everyone. We submitted the ‘Cuenta Popular,' which promotes financial inclusion for consumers who do not have access to ordinary banking services through accounts that guarantee low cost and offer the ability to perform a variety of transactions and channel accessibility. This includes a low monthly service fee (ranging from $3 to $5), an initial minimum deposit, no charges for insufficient funds, and the ability to pay bills and make purchases," Montañez stated. "Initiatives like these have helped us reduce the number of unbanked individuals since 2016."
Furthermore, Popular played a crucial role during the COVID-19 pandemic, where many businesses faced economic difficulties due to the partial shutdown of operations and the health protocols imposed for over a year between 2020 and 2021.
"During the pandemic, Popular played a key role in facilitating access to the federal government's Paycheck Protection Program (PPP), financing loans for small and medium-sized enterprises, and securing the payrolls of thousands of employees. This effort was not only a swift response but a significant contribution to social recovery," Montañez added.
"Once again, Popular proved to be there when its customers and communities needed it most. Adding this to all the contributions Popular has made during its 130-year trajectory, there can be no doubt about its genuine commitment to financial inclusion from its inception to the present, adapting to changing needs and providing services and education that positively impact the lives of the people it serves."
As part of our 130th anniversary celebrations, we present our Stories of Impact, which highlight Popular's legacy in Puerto Rico's socioeconomic development through the following lenses: innovation, small business support, housing, financial inclusion, and human capital development.
