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IMIX

IMIX
Colombia
Agriculture & Livelihoods
8 - Decent Work and Economic Growth
10 - Reduced Inequalities

The challenge

6.3 million Colombian adults do not have access to financial products such as savings, loans and insurance. This results in a system of informal workers and often illegal credit offerings with excessive daily interest rates.

The innovation

Imix empowers and creates additional income for corner-shop owners, small merchants, and self-employed individuals who become the banking correspondents or financial-service marketplaces for their communities. By leveraging its own technology platform and knowledge on financial networks, Imix allows financial institutions to reach customers with a low-cost last-mile channel, connecting underserved communities to financial services, such as savings, loans, and insurance.

The impact

To date, more than 3 million end-users in Colombia, Ecuador and Mexico benefit from access to financial services. Further, 125,000 small merchants working as agents have received an additional revenue of up to 68% of the monthly minimum wage.

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