Banco de Venezuela launches m-banking initiative

Friday, August 23, 2013

Venezuelan state-owned bank Banco de Venezuela (BDV) has launched a mobile banking initiative which will allow its clients to make transfers using smartphones and tablets, the company said in a release.

BDV has launched the m-banking app, which can be downloaded for free or accessed via a URL, for Blackberry (Nasdaq: BBRY) and Android, and will soon provide a version for iOS.

BDV has almost 6mn clients, the institution said in a separate release.

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Internet banking use is relatively high in Venezuela, with 47.0% of internet users in the country accessing online banking in March 2013, compared to 46.8% in North America and 39.5% in Europe in the same period, according to a report by comScore (Nasdaq: SCOR).

However, internet penetration remains relatively low in Venezuela, with just 2.15mn fixed broadband lines and 1.21mn mobile broadband lines as of the end of Q2, telecoms regulator Conatel said in a release.

BDV's decision to make its m-banking app available for Blackberry would appear sensible, as there were 5.0mn active Blackberry lines in Venezuela as of the end of Q2.