More than 500,000 savers will benefit this year.
More than 500,000 Panamanians will receive their Christmas savings, totaling USD 272 million in disbursements by the banks that make up the National Banking System (SBN). This figure reflects an 11% increase—or an additional USD 28 million and 59,565 new accounts, up 13% compared with the same period last year.
This product has consolidated its position as the second most significant savings instrument within the SBN, accounting for 8% of all deposit accounts, second only to regular savings accounts, which represent 85%, according to the Superintendency of Banks of Panama (SBP) data.
As of October, the Christmas savings market continues to show a high level of concentration: 97% of the USD 272 million is held by just four banks. Banco General leads with USD 208 million, representing 76.4% of the total, driven by its automatic account-opening feature through digital channels. It is followed by Caja de Ahorros (9.1%), Banco Nacional de Panamá (6.6%), and Banistmo (5.1%), while the remaining institutions account for just 2.8%.
Christmas savings remain a financial tradition for Panamanian households, allowing families to set aside funds throughout the year and manage end-of-year expenses without resorting to debt, particularly credit cards. This trend is especially positive in the context of moderate economic growth, as it strengthens financial discipline and promotes a savings culture across the population.
Geographically, 81% of the funds are concentrated in the provinces of Panama and Panama Oeste, totaling USD 220 million distributed across 397,000 accounts. They are followed by Chiriquí with USD 15.2 million, Colón with USD 9.5 million, and the Azuero region with USD 8.8 million.
From a social perspective, the habit of saving remains a cornerstone of development. Encouraging this practice strengthens household financial stability, improves their ability to manage unforeseen expenses, and contributes to long-term community well-being.
Regarding the profile of savers, women account for 61% of all Christmas savings accounts, with 312,628 accounts and USD 163 million—equivalent to 60% of the total amount saved. For both men and women, nearly 70% of accounts hold balances of up to USD 500, confirming that this product is particularly attractive to individuals with more limited incomes, as it enables small periodic contributions that support end-of-year planning.
Christmas savings continue to establish themselves as a key tool within the banking system, promoting financial responsibility and providing meaningful economic relief to thousands of families at the end of each year.
For more information, you may access the full report, “Performance of Christmas Savings at Year-End 2025,” available on our website www.superbancos.gob.pa at the link https://www.superbancos.gob.pa/documentos/financiera_y_estadistica/estudios/Ahorros-navidad-2025.pdf?v=2.1
