Members of the Afro-Colombian community who are underserved by traditional banking institutions are set to receive greater access to banking services with WiPay’s introduction of a mobile app, COLOUR, to address the unique needs of the Afro-Colombian population.
The app was unveiled during the official launch of WiPay Colombi,a at its annual WiDay celebration in Medellin, Colombia.
WiPay’s Colombian country manager Laura Cristina Parra Echavarría, who was speaking at the launch, noted that 46 per cent of the Afro-Colombian community resides in poverty-stricken areas often underserved by traditional banking institutions.
The mobile app is designed to bridge this gap by offering a range of features such as a 100 per cent digital visa debit card, a marketplace for essential services, free money transfers between users, the capability to receive international remittances, and an innovative referral programme.
James Davis, WiPay USA director, also noted that WiPay will provide an efficient and cost-effective way for Colombians to send and receive money, which will address historical issues with excessive fees associated with brick-and-mortar businesses and delays in remittances.
He affirmed that COLOUR is geared towards creating a financial service that is faster, cheaper and more accessible.
“WiPay is here to reshape the future, connecting Afro-Colombian communities with the global economy. Embedded within the app is WiPay’s VOLT Network. This will allow anyone with a WiPay account to send and receive money between Ghana, the United States, Colombia, and WiPay Caribbean territories within minutes, and at a fraction of legacy institution fees,” said Aldwyn Wayne, WiPay chief executive officer.
“This marks a turning point for WiPay, as this is our first consumer-facing mobile product. I’m excited to see how people use COLOUR to improve their business and personal lives,” he added.