Emerging Mexican markets often share low rates of financial inclusion and a contrasting high percentage of connectivity. While this combination is ripe with opportunities for companies trying to level the ground with their own products and services, it’s far from a one-size-fits all formula.
Oftentimes, as it is the case in the emerging Mexican market, these two factors are just the gateway to find the right product-market fit. Such was the case of NanoPay, a local player in the neobank industry that’s creating financial products tailored to women in the country.
NanoPay – Supporting Women
About 43.8 percent of the almost 23 million Mexican women who don’t have a bank account or access to credit are not formally employed –but they still need financial services. The percentage among the 19 million men in the same situation is just 18 percent.
Seeing this, NanoPay created a women-oriented credit card called Aliada with benefits that solve some of this group’s most common pain points: access to ob-gyn healthcare providers despite being unemployed (the country’s free healthcare system depends on employment), flexible payment plans, and discounts on specific products that are commonly used for female entrepreneurs.
Up, Up, and Away!
NanoPay claims to have granted almost 50K cards since launching three months ago, with users interacting with the card’s app and solving the problem of lack of physical infrastructure for bank branches in disadvantaged communities, where most of these women live. NanoPay’s active efforts are a positive influence on emerging Mexican markets.
(Sources: NanoPay, INMUJERES, EMQQ reporting).