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Jun 29, 2023

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Empowering Financial Inclusion for LATAM & the Caribbean with Innovative Solutions

Financial inclusion remains much more than just a buzzword, but a pressing challenge for many micro-SMEs (MSMEs) and consumers in the LATAM & Caribbean (LACA) region, with a staggering $1.2 trillion-dollar financing gap, as reported by the World Bank, preventing MSMEs (also known as “bodegas” or “changarros” in Mexico) from accessing essential financial services. Emida Technologies has taken a proactive stance to address this issue head-on. Through a series of strategic initiatives, Emida is revolutionizing financial inclusion and bridging the gap between underserved communities and the services they need. Let’s explore the impactful steps Emida has taken to promote financial inclusion.

  1. Micro-Loans for Bodegas: Emida Technologies has introduced micro-loans to their extensive bodega network in the United States and will soon follow suit in Mexico using its proprietary credit scoring and micro-lending solution, embedded in it’s Axexo B2B platform. By providing accessible credit options to micro businesses, which are established, trusted retail centers within their community, Emida empowers them to grow, expand, and contribute to the local economy.
  2. Enabling Credit Scoring: In addition to micro-loans, Emida is extending its successful U.S. practice and proprietary algorithms to Mexico, where credit scoring systems may be limited or nonexistent. By assigning a “credit score” to bodegas based on their performance, demographic data,  and growth potential and more, Emida enables them to access financial services that were previously out of reach. This empowers bodegas to make strategic investments, seize growth opportunities, and create a positive impact within their communities.
  3. Collaboration with Telcos: Emida has garnered significant interest from telcos in the Americas who recognize the transformative potential of their financial inclusion services as well as the immense amount of data regarding the sales patterns of their distribution channels as well as the purchasing habits of their customers. By partnering with telcos, Emida aims to extend their services to existing retail partners of these telecommunications companies, and in due course, to their end users. This collaboration not only benefits retailers by providing access to financial services but also extends to the underserved end consumers who frequent these locations.

Benefits to Telcos: Partnering with Emida Technologies offers telcos an array of advantages:

  1. Becoming the ‘Experian’, our credit bureau, of the Country: Telcos can establish themselves as the leading credit scoring authority in their respective countries, positioning themselves as a reliable source of financial information and services.  Studies have shown that, in recent years, consumer trust in fintechs, such as telecoms that launch financial products and services, is greater than their trust in banking institutions, thus telecom brands are well positioned to be leading authorities in providing credit scoring services in their region*. By providing a form of credit to their customers and partners, brands can further engender trust and loyalty.
  2. Offering Credit Scoring and Earning: By implementing Emida’s credit scoring solutions, telcos can offer valuable credit assessment services to the market while earning revenue from this additional service.
  3. Differentiation from Competitors: Emida’s financial inclusion services provide telcos with a unique competitive advantage, setting them apart from other players in the market, especially as existing products and services become further commoditized.
  4. Increased Revenue Opportunities: With greater participation in Emida’s financial inclusion services, telcos can explore additional revenue streams and capitalize on the vast potential of underserved consumer segments while making a difference in the lives of such consumers.

Emida’s vision not only benefits businesses and individuals but also contributes to economic growth and social empowerment. Together, let’s embrace the transformative power of financial inclusion and unlock a brighter future for all.

If you’re interested in working with Emida on Financial Inclusion schedule a meeting with our CEO Shane Belovsky here.

*Source: https://www.ey.com/en_us/nextwave-financial-services/how-financial-institutions-can-win-the-battle-for-trust

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EMIDA Technologies is a fintech offering digital access to millions of underbanked consumers via its 36-country retailer network. Our products & services enable financial inclusion for 3MM monthly users through 50K+ points-of-sale offering a cash onramp solution. Additionally, we offer IT cloud-based services, SAS & ISO options, and a mobile network. Learn more at Emida.com.

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