In an effort to revolutionize the way Colombians access credit, Mibanco and Belvo have announced a strategic partnership aimed at providing innovative financial solutions to underserved communities.
Mibanco, one of the leading microfinance institutions in Colombia, with its deep-rooted presence in the country’s financial landscape, combined with Belvo’s state-of-the-art open banking technology, promises to bridge the gap between traditional banking system limitations and the financial needs of the Colombian population.
Belvo’s cutting-edge platform allows access to a wide range of financial data from multiple institutions, facilitating a more comprehensive credit assessment process. By leveraging this technology, Mibanco aims to create a seamless and efficient credit experience for individuals who have traditionally been excluded from formal financial services.
This collaboration will enable Mibanco to evaluate creditworthiness based on real-time data, incorporating a holistic view of an individual’s financial history through secure API integrations with various banking institutions. It will enable quick and reliable assessments while reducing paperwork and minimizing bureaucratic hurdles.
Mibanco’s CEO, Maria Gomez, expressed her enthusiasm for the partnership, stating, “We firmly believe that this collaboration will enable us to extend financial services to individuals who desperately need credit to fulfill their dreams and aspirations. By leveraging Belvo’s cutting-edge technology, we are confident that we can transform access to credit in Colombia.”
The partnership between Mibanco and Belvo marks a significant milestone in the Colombian financial sector, as it demonstrates the power of collaboration between traditional financial institutions and emerging fintech players. By combining their respective expertise and resources, they aim to leverage technology to drive financial inclusion and empower underserved communities.
This joint effort is not only expected to expand the scope of financial services but also contribute to economic growth by creating new opportunities for individuals and small businesses.