The Venio nano-credit application is launched in Mexico
Venio, the mobile application offering “nano-credit” facilities to unbanked consumers in emerging markets accessible via a smartphone, has announced its launch in Mexico. Venio Aplicaciones de Mexico, the Mexican business arm of the Company, was created to support Venio’s expansion into the emerging high growth market.
The international deployment of Venio was accelerated thanks to an oversubscribed and successful start in The Philippines. The Venio app has now been translated into Spanish and will be available to consumers across Mexico with a strong footprint in Mexico City, Guadalajara and Monterrey.
The company’s goal is to raise a generation of unbanked people in the financial system, help them achieve financial discipline and a credit footprint in order to achieve fair and equal access to useful financial services that would not otherwise be available to them. The need for these services has become more acute as Covid-19 has caused unprecedented impacts, increasing the difficulties and difficulties in accessing basic necessities.
The Mexican market is well positioned to benefit from Venio’s “nano credit” lending facilities due to underlying demographic trends and high mobile penetration as well as unmet demand for fintech payments among the population, where rates financial exclusion remain high. According to the latest report from the World Bank Group, up to 1.7 billion adults are unbanked globally, a figure approaching a quarter of the world’s population, the majority of these cases are in emerging markets. In Mexico, a large proportion of the population is unbanked with 63% of its 126 million inhabitants without access to a bank account.
Warren platt, Founder and CEO of Venio commented: “Mexico is a dynamic market where we have established key contacts and excellent partnerships and we are now looking forward to capitalizing on this to further strengthen Venio’s growth and achieve our goals for the market. Mexican. The arrival of Venio in Mexico will have an immediate impact on the underbanked of the country where there is an increasing demand from customers for new products that meet their needs. Venio wants to change the way people access financial services by making access to responsible loans easier and fairer, this will give an entire segment of the population the opportunity to build a credit profile and take the first step on the path to financial inclusion. Access to financial products and services opens up economic opportunities for individuals and entire communities.
Venio offers responsible lending to clients without the need for upfront collateral, revolutionizing the existing credit culture in Mexico and improving people’s ability to easily access financial support. At launch, loans valued at US $ 1.20 to US $ 7.00 (MXP 25.00 – MXP 150.00) will be available to Venio customers. In Mexico, 25.00 pesos can cover the cost of a meal, basic medicine, or transportation to and from work.
The scalable app is easily transferable to the Mexican market as the country’s retail landscape is highly developed and therefore similar to what can be found in the Philippines, where Venio has a proven track record after launching earlier this year. year. Venio will leverage Mexico’s extensive network of local Changarro stores akin to the Philippines’ mom-and-pop Sari-Sari convenience stores, again placing accessible local retail at the heart of the exchange network model by Venio.
Venio’s local team, which is already operational, is very experienced, made up of senior leaders from its core management team and local expertise. Due to Venio’s strong focus on emerging markets, the company’s strategy is to deepen its relationships across Latin America. The company is poised to establish itself as one of the leading providers of nanocredit in several emerging markets fighting endemic financial exclusion.
In the post-Covid era, financial inclusion must be ensured for the economic development of communities affected by the pandemic. In its wake, there has been an increased demand for both credit facilities and digital financial solutions that provide access to remote services and contactless transactions. Credit can help users meet emergency cash shortage needs, food, transportation, communication, and household spending needs.