Overview

MOVii aimed to democratize access to financial services in Colombia and pave the way for a digital economy. Their vision extended beyond the creation of a Specialized Deposit and Payment Electronic Service (SEDPE) mobile wallet; it sought to encompass a broad spectrum of financial services, ultimately empowering millions of Colombians with financial inclusion and driving the nation further towards financial enrichment. MOVii’s primary goal was to provide easy and affordable access to digital financial services for both the banked and unbanked populations, revolutionizing the way Colombians save, borrow, transfer, and spend money while reducing dependency on cash transactions.

Implementation Process

The implementation process involved collaboration between Comviva and MOVii to deploy the mobiquity Pay platform, enabling the creation of MOVii’s digital financial services ecosystem. This process integrated a virtual stored value account, linked to mobile numbers, with various innovative features such as peer-to-peer money transfers, merchant payments, bill payments, and more, thus transforming the way Colombians manage their finances. Comviva’s platform streamlined account opening, reduced transaction times, and eliminated high fees, making it accessible to a wide spectrum of users. The successful implementation of the mobiquity platform catalyzed MOVii’s rapid growth and its significant impact on financial inclusion in Colombia, fundamentally altering consumer behavior by promoting digital transactions and reducing the nation’s reliance on cash.

Benefits Achieved

• Enhanced Financial Inclusion: MOVii extended low-cost financial access to both the banked and unbanked populations in Colombia, reaching 1.76 million customers by August 2021.
• Streamlined Digital Transactions: The platform significantly reduced cumbersome account-opening procedures, enabling users to self-register quickly and easily, typically requiring just one identification document.
• Reduced Cash Dependency: MOVii contributed to reducing Colombia’s dependency on cash by offering an alternative for digital transactions in a country where 85% of payments were previously made in cash.
• Accelerated Shift to Digital Payments: The platform accelerated the transition towards digital payments, particularly during the COVID-19 pandemic, by enabling digital distribution of government grants and unemployment assistance, which users spent digitally within the app.
• Gender Equality: MOVii promoted gender equality with 57% of its users being women, making financial services more accessible to a diverse user base.
• Youth Empowerment: It helped younger people aged 12 to 17 become financially independent, facilitating their entry into the digital financial ecosystem.
• Market Dominance: MOVii emerged as the largest SEDPE service in Colombia, becoming a leading digital payment platform in the country, with Forbes recognizing it as one of Colombia’s most promising companies.
• Innovative Financial Services: Comviva’s platform enabled MOVii to diversify its offerings, including microloans, sports betting, crypto asset trading, and more.
• Lasting Impact: The successful shift to digital transactions is expected to persist beyond the pandemic, signifying a transformational impact on the Colombian economy
• Fast Product Deployment:The platform’s intuitive service creation environment allowed MOVii to launch new services up to 80% faster, providing continuous innovation to the market.
• Broad Acceptance: Over 240,000 billers, merchants, and businesses accepted digital payments through MOVii, providing a comprehensive digital financial ecosystem.

Conclusion

In conclusion, Comviva’s mobiquity platform has been a driving force behind MOVii’s remarkable success in Colombia’s financial sector. By facilitating easy access to digital financial services, reducing cash dependency, and empowering a diverse user base, MOVii has not only become the largest SEDPE provider but has also contributed to a significant shift towards digital payments in the country. The partnership between Comviva and MOVii has proven instrumental in achieving the vision of democratizing financial services, bringing financial inclusion to millions of Colombians, and fostering a more resilient and inclusive digital economy.

Key Facts

Bank Name: Movii
Bank Founded In: 2017
Bank HQ: Bogota, Columbia
Vendor Name: Comviva
Solution Implemented: Mobiquity Pay
Timeline: NA