WiPay Group, a leading Caribbean payment fintech, has recently announced its expansion into the Colombian market, marking its strategic entry into South America. This new phase for the company promises to revolutionize the financial services sector in Colombia, with a particular focus on underserved communities, especially the Afro-Colombian community. With this move, WiPay Group aims to change the economic landscape for millions of Afro-Colombians, often excluded from the traditional banking system.
WiPay for Inclusion
In Colombia, the Afro-Colombian community, which numbers more than 4.5 million people according to the latest census, has historically faced barriers in accessing financial services due to geographical location and lack of education and development opportunities. WiPay Colombia seeks to significantly impact these communities by offering them accessible and practical financial tools.
Introducing the COLOUR mobile app by WiPay Colombia is a step forward. COLOUR, a digital wallet, and virtual Visa card, has been designed to offer secure and comfortable financial solutions. This app focuses on essential services such as digital bank accounts, Virtual Visa debit cards, bill payments, mobile top-ups, and microloans. Additionally, WiPay has integrated Visa Direct into its offering, allowing users to receive money from around the world at no cost facilitating digital remittances through the Visa network.
Aldwyn Wayne, CEO of WiPay Group, has expressed his excitement for this new chapter, highlighting the company’s mission to create inclusive financial solutions tailored to the needs of marginalized communities. WiPay Colombia aims to promote financial independence and foster economic growth.
“We are embarking on this new and exciting adventure with the launch of WiPay Colombia and introducing the COLOUR app with a virtual Visa card. Our 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.”
Initially, WiPay Colombia will focus on establishing its presence in the country with the COLOUR digital wallet and other financial services relevant to the local market. In the long term, the company plans to offer its full suite of services in Colombia, including payment acceptance solutions and e-commerce tools, adapting to the demands and specificities of the Colombian market.
WiPay, with a presence in more than ten markets and a team of over 40 employees, has pioneered the fintech sector in the Caribbean and seeks to replicate its success in South America. The company aims to become a benchmark in digital financial services and efficiently connect markets through its networks and channels.
Laura Parra, Market Leader of WiPay Colombia, has expressed her enthusiasm for this new initiative, highlighting the opportunity to use WiPay’s experience and resources to impact the Afro-Colombian communities, providing broader financial access positively.
“Supporting WiPay Colombia on this journey is extremely rewarding, as we can leverage its resources and the Caribbean region’s experience to impact the lives of underserved Afro-Colombian communities, providing them broader financial access.”
The integration of these offerings aims to facilitate seamless financial transactions, promote entrepreneurship, and contribute to the economic advancement of the communities served, promoting financial inclusion in Colombia. WiPay also seeks to establish partnerships with other companies and organizations focused on Afro communities and be part of the Colombian fintech association.