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Fintechs explore Brazil’s small towns in search of unbanked customers

RIO DE JANEIRO, BRAZIL - Letícia Carolina Ribeiro Santos lives in the Aldeia de Xandó, a Pataxó Indian reservation in Caraíva. Located 740 kilometers from Salvador, the capital of Bahia, the village survives on tourism, fishing and selling indigenous handicrafts.

The village has no bank branch, and internet is only available through radio. In spite of this, at age 19, Letícia celebrates the opening of her first digital checking account - in less than a day, without having to visit a bank, she opened the account and began using it.

"Before it was a hassle. My salary was deposited . . .

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