IMIX
The challenge
6.3 million Colombian adults do not have access to financial products such as savings, loans and insurance. This results in a system of informal workers and often illegal credit offerings with excessive daily interest rates.
The innovation
Imix empowers and creates additional income for corner-shop owners, small merchants, and self-employed individuals who become the banking correspondents or financial-service marketplaces for their communities. By leveraging its own technology platform and knowledge on financial networks, Imix allows financial institutions to reach customers with a low-cost last-mile channel, connecting underserved communities to financial services, such as savings, loans, and insurance.
The impact
To date, more than 3 million end-users in Colombia, Ecuador and Mexico benefit from access to financial services. Further, 125,000 small merchants working as agents have received an additional revenue of up to 68% of the monthly minimum wage.
