Te Fía nano-credit project in Bogotá, Colombia partners with Sikoba

Bogota-based Libranzas Group SAS and Sikoba have entered into a partnership agreement to bring easy-to-use nano-credits to consumers in Colombia via a co-branded version of the sikobaPay mobile app, under the “Te Fía” brand. Te fía means I trust you in Spanish.

Instead of borrowing cash, Te Fía users will be granted credit lines which they can use in participating stores. Cash will be used only to reimburse outstanding balances, which can be done in any participating store. According to the Colombian Chamber of Commerce, around 120,000 small stores are registered in Bogotá alone, with an additional 230,000 stores in the rest of Colombia.

Te Fía will be launched as a pilot program in one Bogotá neighbourhood, but the goal is to expand to eventually cover the entire city of Bogotá, and later other regions of Colombia.

Alexander Wittingham, CEO of Libranzas Group, stated: “We are going to reach a very large market, the market of Bogotá, which has more than 10 million inhabitants, and Colombia, which has more than 40 million inhabitants. Colombia is one of the emerging economies, a very solid economy. And we know that with SikobaPay we can do it.”

Alexander Wittingham about Sikoba x Te Fía Partnership (Youtube)

Alexander Wittingham hablando de la alianza Sikoba x Te Fía (Youtube)

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