Felipe Vila: Increasing Access to Fair Credit and Financial Products
Felipe: Thanks for having me, Spiffy! In Latin America, retail is 62% hyper local. 50 million families rely on their independent shops to survive. However, they have no bank account, business license, or bookkeeping. This makes them invisible to the financial system, and blocks them from accessing fair credit and financial products. They are forced to borrow from loan sharks, risk fraud in payments, and loss of margins. At Bolsiyo, we’re committed to make shops visible via our cash register app. With minimal effort, shops are able to keep detailed accounts of their operation, access payments, deposits, and soon credit products. This means they have the base level tools to become more efficient in a way that works for them, with all the fair financial tools at their disposal.