Floating banks bringing sustainable development to the Amazon

The introduction of floating banks in Brazil by the state-owned banking agency CAIXA is helping to bring sustainable development to the Amazon region.

In order to access banking services, residents of traditional Amazonian communities previously faced strenuous and expensive journeys by river which has been having an increasing impact on the environment and eco-system.

CAIXA agency-boats have shifted this perspective and are able to reach regions only accessible by river.

Inaugurated in December, 2010, Chico Mendes agency-boat was the first floating bank agency ever known and performs monthly trips that last 22 days each.

It has been opened 4.906 banking accounts and 299 microcredit loans were carried out.

Jorge Hereda, CEO of CAIXA, said: “CAIXA agency-boats provides populations with access to social benefits’ cards, and cash transfer programmes, improving well being of low income families as well as increasing local municipalities’ revenue to the extent that the influx of financial resources strengthens local markets.”

The second CAIXA agency-boat, named Ilha do Marajo, was launched in Para State, in January, 2014.

The service has brough a raft of benefits to the people living in Ilha do Marajo and isolated areas lapped by Amazon rivers’ tributaries including improved education, healthcare and environmental protection due to expanded partnerships with public sector institutions.

The CAIXA agency-boats offer the opportunity for people to open bank accounts and gain better access to social benefits, low income housing and credit, including microcredit.

The boats are designed to navigate for a whole month with minimal impact on the environment and they remain in each municipality for around two days.

Design features to improve their green credentials include waste segregation for recycling, effluent treatment of sewage and LED lighting.