Consumer finance company Moneygram to expand services in Nigeria – New Telegraph


Creditcare Technology, an innovative multinational consumer finance company, announced its partnership with MoneyGram International, Inc., a global leader in the evolution of P2P digital payments, to further expand into the emerging markets of the Philippines, Vietnam and, now, Nigeria. with Moneygram. CreditCare provides formal and innovative financial products, including personal loans and remittances, to the unbanked population, with an all-digital experience or at CreditCare’s 35,000 physical locations.

The CreditCare Technology spokesperson said, “Partnering with MoneyGram is an important step in our mission to bring inclusive financial services to users in emerging markets. “We believe that financial services should be simple, inexpensive and accessible to not just 10% of the population. The CreditCare and MoneyGram partnership provides greater access, security, and simplicity for people who want to send funds and access lines of credit. Launched in January 2019, thousands of customers responded immediately to obtain affordable, low-cost lines of credit. After two years of repeated denials by financial regulators, founder Julia G. Ko, through her hard work and perseverance, obtained non-custodial banking licenses valid for 50 years in the Philippines and Vietnam. There are only six compelling competitors to serve 105 million people per national market due to strict financial regulation and oversight.

With regulatory approval, Ko was able to integrate with an infrastructure network of more than 20,000 physical locations, operated by Soft-Bank subsidiaries, to serve consumers. This includes convenient physical locations such as 7-11 stores, SM Mall, Robison’s Groceries and BDO Banks. Credit-Care continues to expand to 12,000 additional locations with Moneygram International, and now in Nigeria using Moneygram’s backend infrastructure and 9 partner banks. Founder, Julia G. Ko, was brought in to build the fintech company from the ground up with no known connections in emerging markets to improve the lives of consumers.

“The digital revolution has accelerated financial access for emerging markets and reduced the high cost of customer acquisitions through increased underwriting efficiency. This presents attractive 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 accessible to a wider range of populations. Increased financial access accelerates GDP by up to an impressive 14% in emerging markets. By helping to drive economic development, we are improving lives women and, by proxy, their families,” she added. Creditcare Technology is expanding access to over 450 million people and giving digital financial identities in vital emerging economies. They are trying to solve the problem financial exclusion by digitizing valuable analog customer data and creating a 360 degree profile of their customers.

CreditCare is a non-custodial bank in emerging markets. They act as a direct lender and there are no middlemen and the customer experience is 100% online. Although the majority chose the physical location for disbursement and reimbursements.

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