Banco de Venezuela, the biggest state-owned bank in the South American country, has started to open up ‘community banking terminals’ in some of the most dangerous slum districts in the capital, Caracas, as part of the government’s drive to ‘socialise’ Venezuela’s banking system.
The government, which is headed by the populist left-wing president Hugo Chávez, began to set up the terminals in pharmacies, bakeries and other stores in August last year under a project called 'TBcom'. Local people can deposit up to 500 bolívares ($116) and withdraw up to 300 bolívares at a time. Transactions are free and accounts can be opened up without needing to deposit any money.
