ImpactAlpha, May 24 – Despite its economic struggles, Argentina is considered a high-income country. Yet, half of Argentines don’t have a bank account and about half receive wages in cash.
MONI Online offers short-term credit to Argentines underserved by traditional financial institutions. The loans, with terms of six months or less, are mostly used for cash advances and bill payments. MONI has served 60,000 customers as of last October. BID, Inter-American Development Bank’s private sector investment group, is supporting MONI to offer longer term loans.
- Future funding… BID’s investment of $3 million includes an option to invest an additional $2 million.