Banco de Costa Rica (BCR) opened accounts for 3,831 students from the University of Costa Rica (UCR) this year, according to a March 11 announcement. Since the start of the partnership in 2014, around 45,000 university students have benefited from access to banking services through BCR’s digital and alternative channels.
The initiative is part of a long-standing collaboration between BCR and UCR aimed at improving access to financial services for students receiving scholarships. Thirteen BCR branches across the country participated in distributing payment cards and helping students enroll in digital banking platforms. The process concluded on March 6.
BCR has served as the financial institution responsible for opening accounts for new scholarship recipients at UCR for the past twelve years. The bank said this annual project supports young people as they begin their university studies by ensuring they can receive scholarship funds efficiently and securely.
Students benefit from increased security by avoiding cash handling, immediate access to their scholarships via digital channels, and opportunities to learn about financial management through workshops offered by BCR each year at the university. In addition to these efforts, since 2015 BCR has operated an office within UCR’s administrative building to serve students, faculty, and staff with various banking needs.
The partnership also contributed to UCR being recognized in 2021 as the first public higher education institution in Costa Rica certified as cash-free. This was achieved with support from BCR through implementing institutional cards instead of petty cash, using bank transfers instead of checks, and installing card payment terminals across campuses.
Through public works trusts, BCR has constructed several facilities for UCR including research institutes, libraries, student residences for those with socioeconomic scholarships, and parking infrastructure. The bank said it remains committed to supporting Costa Rica’s socioeconomic development through strategic alliances that improve access to essential services such as health care, transportation, and education.
