The banking associations AEB, CECA, and Unacc signed a collaboration agreement with Correos in July 2022 to facilitate cash withdrawals and improve access to basic financial services in rural areas throughout Spain. The first sign-ups for the ‘Correos Cash’ service represented a decisive step toward advancing financial inclusion in rural Spain, in line with the commitments included in the Roadmap agreed upon by the three associations in October 2022.
The Correos Cash service—which exceeded 134,000 operations in 2022, a 30% increase—facilitates access to basic financial services in rural Spain, thanks to the commitment of the financial sector and the logistical infrastructure of Correos. With more than 6,000 rural mail carriers, ‘Correos Cash’ provides a home delivery service that allows access to cash from home, without the need for the customer to have technological means or knowledge. Furthermore, it is possible to withdraw and deposit cash at any of the 4,675 Correos citizen service points.
The promotion of Correos Cash is part of the banking sector’s commitment to improving financial inclusion in all municipalities. For those with fewer than 500 inhabitants, other services such as ‘cashback’ or the implementation of ‘cash in shop’ are also considered, ensuring simple access to cash in commercial establishments. Likewise, the sector has adopted measures such as reinforcing mobile branches and the assistance of financial agents who offer other channels and formulas for regular access to financial services.
The Roadmap to reinforce financial inclusion in rural areas reflects the banking associations’ will to contribute to accelerating progress toward full financial inclusion, guaranteeing access to cash in all Spanish municipalities and for all population groups; a commitment that was already reflected in the Strategic Protocol to reinforce the social and sustainable commitment of banking.
