MBtv: Brazil favelas launch bank amid economic hit of pandemic

The economic toll of the coronavirus pandemic has hit especially hard in Brazil’s favelas, but the country’s 10 biggest now have a plan to fight back: they are launching their own bank. Dubbed the “G10 Bank,” the new financial institution is set to open in February, offering micro-loans to small business owners struggling to survive the pandemic and debit cards to those excluded from the traditional banking system.