Caribbean Fintech WiPay Group Expands to Colombia

Published 4 months ago

Caribbean fintech powerhouse, WiPay Group, is making a strategic move into South America with its entry into the Colombian market. This expansion is aimed at revolutionizing financial services and empowering underserved communities in Colombia, with a strong focus on the Afro-Colombian community.

WiPay Colombia and the COLOUR App

As part of this launch, WiPay Colombia introduces the innovative mobile app COLOUR, a digital wallet, and a virtual Visa card designed to provide secure and convenient financial solutions to millions of unbanked Afro-Colombians.

The Afro-Colombian community in Colombia, comprising approximately over 4.5 million people as per the latest Colombian census, often finds itself in the middle and lower socioeconomic strata. WiPay Colombia’s entry into this diverse and vibrant market aims to have a profound impact on the lives of these communities by integrating them into the financial system, which they have traditionally been left out of due to geographical limitations, lack of access to education, and developmental opportunities.

Features of COLOUR App

The COLOUR app is a versatile financial tool that transcends generational borders. In addition to offering digital banking accounts and virtual Visa debit cards to all its users, it focuses on providing other relevant services to the segment, such as bill payments, mobile recharges, and microloans.

As part of its product offering, WiPay has integrated Visa Direct, which will allow users to receive money from around the world at no cost, providing a digital remittance solution to its users using just the 16 digits of their Visa card. This functionality will primarily be available between the United States and Colombia, but in the coming months, they will be able to send and receive money in over 10 Caribbean countries such as Jamaica, Trinidad and Tobago, among others, for free using the Visa network.

Statements on the Expansion

Aldwyn Wayne, CEO of WiPay Group, expressed his enthusiasm for this significant step, stating that their mission is to create inclusive financial solutions tailored to the unique needs of marginalized communities. WiPay Colombia is committed to empowering people, promoting financial independence, and fostering economic growth.

WiPay’s initial focus in Colombia is on establishing its presence with this digital wallet and particularly addressing the needs of the local market. While WiPay will eventually focus on offering its complete suite of services in Colombia, these will be rolled out progressively to meet the changing customer demands and understanding the unique requirements of the Colombian market.

Laura Parra, Market Leader of WiPay Colombia, expressed her excitement about this new venture, stating that supporting WiPay Colombia on this journey is extremely rewarding as they can leverage their resources and the Caribbean region’s experience to impact the lives of underserved Afro-Colombian communities by providing them with broader financial access.

Future Plans of WiPay Colombia

WiPay Colombia’s ambitious plan is focused on expanding its payment and service network to include WiPay-driven loans and merchant-driven products. The integration of these offerings is aimed at facilitating seamless financial transactions, promoting entrepreneurship, and contributing to the economic advancement of the communities it serves, promoting financial inclusion in the country. WiPay seeks to establish partnerships with other companies, organizations, and institutions that focus on Afro communities, in addition to being part of the Colombian fintech association.