Creditcare Technology, with MoneyGram International, Inc. has initiated the strengthening of digital P2P payments to further expand its presence in emerging markets, including the Philippines, Vietnam, and now Nigeria. CreditCare offers affordable money transfers and consumer loans with low credit rates.
"Working with MoneyGram is a turning point in our mission to provide affordable financial services to users in new regions," said a representative from CreditCare technology. We believe that not only the top 10% of the population, but all people should have access to affordable financial services. Thanks to the link between CreditCare and MoneyGram, people can send money easily, securely, and easily.
In emerging countries, where more than half of the world's population cannot participate in the official financial system, online banking is an innovative idea. When digital money is not used, countries and their populations lose new products, services, and innovations.
After approval by regulators, the company was allowed to connect to an infrastructure network of more than 20,000 physical sites operated by SoftBank subsidiaries to provide customer support. This includes realistic locations such as 7-11 stores, SM malls, Robison grocery stores, and BDO banks. With MoneyGram International Creditcare is actively expanding in Nigeria, reaching 12,000 locations, using the Backend Moneygram structure and 9 partner banks. In addition, this partnership with Moneygram gives CreditCare access to an additional 12,000 branches, including Bank of Commerce, Bank of the Philippines, and Cebuana Lhuillier.
Founder, Julia G. Ko was driven to build the fintech business from scratch with no known connections in the emerging markets to improve the lives of consumers. "The digital revolution has accelerated financial access for EMs and decreased the high cost of customer acquisitions with increased efficiency in underwriting. This presents compelling investment opportunities and cross-selling of products within fast-growing economies," said Julia G. Ko, Founder of CreditCare Technology. "We are excited to make digital financial products available to a broader range of populations. Increased financial access accelerates GDP up to an impressive 14% in EMs. By helping drive economic development, we improve the lives of women and by proxy, their families."
About CreditCare Technology
In key emerging countries, Creditcare Technology expands access and ensures compliance with digital finance for over 450 million people. They are working to solve the problem of financial exclusion by digitizing invaluable analog consumption data and creating a 360-degree profile of their customers. In emerging markets, CreditCare is a bank without custody. Because there are no intermediaries, it acts as a direct lender and interacts with all online customers.
About Moneygram International, Inc.
As a leading developer of P2P digital payments, MoneyGram International, Inc. (NASDAQ: MGI) is a cutting-edge financial solution that connects communities around the world. MoneyGram has served more than 150 million people over the past five years, thanks to a focused strategy to mobilize funds transfer, a strong culture of fintech innovation, and industry-leading customer-centric capabilities. Through digital consumer channels, global retail networks, and integrated finance companies for corporate clients, the company leverages the latest mobile and API-based platforms to serve consumers by partnering with the world's largest brands. MoneyGram is a leading developer of innovative cross-border payments and blockchain-based payments.
