Ualá Celebrates Two Years in Colombia

Published 5 months ago

Ualá, the first tech-based company to obtain a financing company license from the Colombian Financial Superintendence, is celebrating its second anniversary in Colombia. With more than 400,000 users, 90,000 of whom hold PPT documents, Ualá’s yield is a significantly above-average 10% E.A. The company has distributed over 160,000 benefits and discounts, facilitated over a million purchases, and reportedly saved its users more than 41 billion pesos in management fees, ATM withdrawals, and interbank transfers.

Expanding the Ualá Ecosystem in Colombia

Since its launch in January 2022, Ualá has been expanding its product ecosystem to provide more and better options to its user community. Some of these options include physical deposits at Efecty points and PSE button at no cost, virtual cards for online purchases, payment of services and recharges from the app, unlimited withdrawals at any ATM in the country and at over 10,000 Efecty points, and yield recognition on all user account balances without minimum terms or amounts.

Ualá Bis: A Digital Payment Solution

In October 2022, Ualá introduced Ualá Bis, a digital payment channel that offers immediate credit of sales proceeds directly to the merchant’s Ualá account. It also offers one of the lowest commissions in the market (2.89%), acceptance of Mastercard and Visa debit or credit card payments, and integration into the company’s financial ecosystem.

Financial Products for All

With over 90,000 PPT document holders, Ualá has made strides in financial inclusion for the migrant population. This is a crucial consideration given that there are about three million Venezuelans in Colombia, 73% of whom do not have a financial product. Ualá was recognized by CAF’s Laboratory for its work on financial inclusion and signed the Pact for Borderless Opportunities, promoted by USAID.

Benefits and Discounts

Ualá has enabled more than 30 partnerships to offer benefits and discounts in various sectors, such as supermarkets, education, entertainment, restaurants, home deliveries, gift shops, and health. According to the company, over 40% of its users have utilized one of these partnerships. Promotions, along with savings derived from the 100% digital business model, such as zero charges for the issuance, sending, and maintenance of the International Debit Mastercard, position Ualá as one of the most competitive proposals on the market.

To open a Ualá low-value digital deposit account and obtain a Mastercard debit card, one only needs to download the app, be over 18, and have a citizen ID, foreigner ID, or Temporary Protection Permit (PPT) document.