The Venio mobile application recently announced its launch in Mexico through a press release. This application provides “nano-credit” services to non-bank consumers in emerging markets that can be accessed on a smartphone.
It is a global company specializing in nano credit solutions and mobile payment. Founded in the USA in 2018, the company is headquartered in New York and has additional offices in Great Britain, the Philippines, Singapore, India, Colombia and Mexico. The company’s Mexican division was formed to support Venio’s expansion into the high-growth emerging market.
Now the international launch of the mobile app has accelerated thanks to a successful and oversubscribed debut in the Philippines. The application has now been translated into Spanish and will be available to consumers across Mexico with a strong presence in Mexico City, Guadalajara and Monterrey.
Company goal Venio
The company reveals that Venio’s goal is to get a generation of people without banking connections into the financial system. Help them achieve financial discipline while creating a credit footprint to enable fair and equitable access to useful financial services that would otherwise not be available to them.
And is it that the need for these services has become more acute as COVID-19 has caused unprecedented effects? increasing difficulties and difficulties in accessing basic needs.
However, Venio uses smartphone technology and a mobile application on a daily basis to reach consumers, providing access to the required credit facilities through the same device. Provide quick access to credit and ease of use for redemption and refunds.
The app strengthens the growing customer base in emerging countries with access to responsible credit so users can access the services they need when they need them.
What does Venio offer?
The company offers responsible loans to its customers with no initial guarantee required. This will revolutionize the existing credit culture in Mexico and improve people’s ability to easily access financial assistance.
To start with, Venio customers have loans valued at USD 1.20 – USD 7.00 (MXN 25.00 – MXP 150.00). In Mexico, Pesos 25.00 can cover a meal, basic medicine, or transportation to and from work.
Mexico is able to benefit from nanocredit loans
The Mexican market is well positioned to benefit from Venio’s “nano-credit” loan facilities due to the demographic trend. and high cellular penetration coupled with an unmet demand for fintech payments in the population, where financial exclusion rates remain high.
According to the latest report by the World Bank Group, up to 1.7 billion adults worldwide are without a bank account, which is almost a quarter of the world’s population.. Most of these cases concern emerging markets. In Mexico, a high percentage of the population has no bank account and 63% of the 126 million people have no access to a bank account.
In the post-COVID period, financial inclusion must be guaranteed for the economic development of the communities affected by the pandemic. As a result, there is an increased demand for lines of credit and digital financial solutions that enable remote access to services and contactless transactions. Loans can help users meet shortage needs for emergency cash flow, groceries, transportation, communications, and household expenses.