Around the world, Visa is driving financial inclusion and increasing financial literacy among the underserved through our products, services and network; strategic partnerships and educational programs. Visa also actively contributes to the global conversation about how to best address financial inclusion and meet the needs of the underserved. Last week, Visa joined leaders in the financial inclusion community in Myanmar, Colombia and the United States to discuss the global imperative to reach full financial inclusion and collaborate with others to identify solutions.
Last week, the Inter-American Development Bank (IDB) hosted its second international conference on business at the base of the pyramid, the Base II Forum, in Medellin, Colombia. The forum brought together over 1,000 leading experts who work to create innovative business models that connect private sector resources and the untapped potential at the base of the socioeconomic pyramid.
Visa’s Head of Product, LAC, José María Ayuso participated throughout the forum to discuss how Visa is contributing to address the base of the pyramid segment needs through services and solutions. Ayuso contributed to a panel discussion titled “The Great Corporate Leap to Markets of the Base of the Pyramid: Strategy or Coincidence?” As the leader of Visa’s LAC region, Ayuso was able to share the ways in which the company has worked within the region to address the financially underserved.
“Financial Inclusion is in our DNA,” said José María Ayuso during his presentation. “For many years Visa has been working with the Base of the Pyramid, helping micro entrepreneurs build their businesses. However, to be able to reach scale and critical mass, private and government sectors need to work hand in hand. There are many fronts that need to be addressed in a collaborative manner. A couple of them are the high level of informality that still exists and effective regulation that provides real support to this segment.”
According to a study commissioned by Visa and conducted by the Latin American publication América Economía, in Colombia in 2012, SMEs card penetration is 13%, while in the region is 38%.
At Visa, we are proud to know that our products, services and global network are helping provide women and other financially underserved populations with access to the financial tools they need to lead safer, more convenient and dignified lives.
To explore more of Visa’s efforts to advance financial inclusion across the globe, visit our new Financial Inclusion Interactive Map.
Posted by: Evelyn Zapata, Corporate Relations, LAC on June 10, 2013 at 2:48 pm