The Board of Directors of the Central Bank of the Argentine Republic (BCRA) approved, through communication A6876, the relaunch of the Universal Free Account (CGU), which aims to promote the financial inclusion of the most vulnerable sectors, promote greater banking penetration and facilitate access to means of payment, contributing to the actions of Argentina’s National Plan against Hunger.
People who do not have a bank account will be able to access this new Universal Free Account at the bank of their choice. All entities must offer this product. The only requirement to open it will be the presentation of the DNI. The CGU is a savings bank in pesos and the opening, maintenance, movements of funds and balance inquiries are free of charge. With the opening of the Universal Free Account, users will have free access to a debit card and mobile banking passwords.
Money withdrawals made by ATM will have no cost when they are in the bank they have chosen and they will also be able to make another eight per month in those of other entities and networks in the country without any charge.
Banks must open the Universal Free Account to those who request it, as of February 1, 2020.
Within the framework of the Argentine National Plan against Hunger, people who provide services or sell goods through the Food Card may apply for the Universal Free Account.
In this way, the BCRA reestablishes the CGU, implemented in September 2010 (communication A 5127) and which had been discontinued in 2016.
With the relaunch of this measure, the Central Bank seeks to give a greater boost to financial inclusion and move towards full banking penetration of the population throughout the country.
