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Venezuelans can have savings accounts in Colombia through Fintech Tpaga

October 26, 2020

Through the Fintech Tpaga, Venezuelan citizens can have savings accounts in Colombia. This was reported by Colombia Fintech on its official website. There they explained that Venezuelan immigrants can carry out the procedure from their mobile device with certain documents such as the immigration card or passport.

“Since the beginning of the quarantine, Mobile wallets have grown because they have become a channel where people can create bank accounts, transfer money, and even pay bills without leaving their homes. Despite the fact that these platforms allow any Colombian over the age of 18 to open their account, those coming to Colombia from other countries had been excluded from these financial services”, Diagnosis from Colombia Fintech.

“”This situation affects more than 1.7 million migrants from Venezuela According to data from Migración Colombia in May 2020, they had entered the country precisely in search of jobs and economic opportunities and were on the verge of banking. According to these data, 97% of workers do so informally as they do not have access to a bank account, ”they later added.

Venezuelans can have savings accounts in Colombia through Fintech Tpaga
Venezuelans can have savings accounts in Colombia through Fintech Tpaga

In this scenario, Tpaga provides solutions for those suffering from this situation through an alliance with the United States International Development Agency (USAID), which works through the Rural Finance Initiative (IFR).

With this agreement Venezuelans are expected to be able to register in the application and open their first bank accounts using their mobile phones with some documents (special residence permit, immigration card and passport).

Andrés Gutiérrez, Co-Founder and CEO of Tpaga said:

“Technology must be inclusive and connect all people without any sexual, ethnic or territorial distinction. From Tpaga, we recognize the importance of helping the migrant population who have been excluded from financial services to banks amid this humanitarian emergency. We are determined to find a solution so that together we can support the country’s growth by developing financial products that include us all. “

Free alternative

On the Colombia Fintech website, they reiterated that Tpaga’s purpose was to offer migrants from Venezuela a free option. It is hoped that in this way they can open bank accounts, but also receive payment of a salary. This could also help save and invest to get out of the informal situation.

According to Gutiérrez This solution will not only apply to workers and the migrant population, it could also help entrepreneurs and independents who have started their businesses in Colombia.

The manager stated, “We want to be the first application from anyone who has not had access to financial services, because just as we are the first bank of hundreds of thousands of Colombians, we want to be for thousands of people, including Venezuelans”.

“This alliance seeks to use the work of USAID through IFR to support the business development of the country and that this product will soon be available nationally,” the article concluded.

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