Areas of impact for indivudals

Financial inclusion and independence: MOVii aims to serve those excluded from banking, encouraging new forms of access to low-cost financial services with a greater agility in processes and with 100% digital products. The Company has the potential to increase access to credit to unbanked people, and to improve the efficiency and transparency on online and offline payments, through the use of technology.

Accessibility: In Colombia, financial services for individual consumers are characterized by a high predominance of cash for payments and a low level of access to online purchases. While the country registers significant advances in financial inclusion (more than 23 million Colombians have at least one active financial product) the country continues to reign cash as the main form of payment, where 9 out of 10 payments are made by this means. The phenomenon of e-commerce has been growing (36% in 2017), but there are still around 40 million Colombians who cannot benefit from online purchases and payments.

Refugees and immigrants: Immigrants with temporary residence in Colombia find it hard to get access to financial services, with traditional banks leaving them out of the system. MOVii allows foreigners with temporary permits to open an account and get access to the products they provide through the platform. This is especially relevant in the case of the Venezuelan refugees in Colombia, who find in MOVii the only solution to perform certain types of transactions. As mentioned before, the United Nations estimate that there are currently 1.4 million Venezuelans displaced in Colombia. These refugees have it difficult to get access to financial services, as no traditional back allows them to open an account. Aware of this situation, MOVii offers Venezuelans, as well as immigrants from other countries to open MOVii account as soon as they obtain the temporary residency in the country.

Areas of impact for SMEs

Access to credit: MOViired provides access to financing for small stores, that otherwise would not be able to have. Although the Company currently uses a third party to underwrite these loans, the data used to analyze their creditworthiness, which is a key piece in the process, is obtained by MOViired.

Decent work and economic growth: MOViired allows merchants to increase their product offering by giving them access to the platform without incurring in any cost. Additionally, this additional product offering increased the foot traffic in the stores, which has a positive effect in the sales of their own products.