Caixa Econômica Federal revealed, according to Folha de S. Paulo, that it has plans for the Caixa Tem application. With the application becoming popular due to the emergency aid, made available after the start of the Covid-19 pandemic, the idea is to turn the app into a digital bank that serves low-income customers.
With its own structure and teams, the project involves going public, which, according to Caixa projections, would have the bank valued at R $ 100 billion.
The application services still depend on the technology, structure and about 100 employees of the state-owned company, however, it is expected that the separation will be made by the end of this year.
105 million active accounts at Caixa Tem
When it launched in October 2019, the app's goal was to reach 35 million users. However, the projections did not count on the pandemic caused by Covid-19 and Caixa Tem closed the third quarter of 2020 with 105 million open accounts.
In addition, the platform grew from 18.9 million accounts in its first quarter in circulation, but with the emergency aid made available in April of that year, Caixa Tem closed the second quarter of 2020 with 91.6 million accounts. The application reached the mark of R $ 50 billion in movement in the third quarter, with R $ 20 billion above the second quarter.
What's missing for Caixa Does it have to be a Digital Bank?
The completion of the digital bank with Caixa Tem services still depends on the approval of Caixa's Board of Directors, which can claim authorization from the Central Bank, but the expectation is that the release will be announced only in the first quarter of 2021.
Without a defined name, Caixa Digital's digital bank will allow the movement of up to R $ 5,000 per month, in addition to collecting payments from federal government social programs, such as Bolsa Família beneficiaries, who will be the first to participate in the process. migration scheduled to take place in March 2021.
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