Movii, Yabx partnership to loan Procter & Gamble retailers amid COVID-19

Friday 1 May 2020 09:13 CET | News

Movii, Colombia-based mobile wallet and challenger bank, has partnered with Yabx, Netherlands-based fintech, to loan Procter & Gamble merchants in Colombia. 

The two companies provide credit services for MSMEs. Businesses can use this credit service to facilitate their business operations and purchase FMCG (fast moving consumer goods) stocks. The contactless service is introduced considering the COVID-19 pandemic situation in the country and will help businesses with pre-approved credit facilities to purchase their retail stock and cater to the needs of general population amid lock down. 

The partnership is being launched in Colombia with Procter & Gamble, a global consumer goods company whose products are in high demand considering the current situation. P&G merchants in Colombia can pay for their stock orders using digital credit from their Movii wallet. 

These merchants credit limit will be derived using Yabx’s credit decision analytics engine using machine learning tools. The credit process, starting with the merchant onboarding, credit disbursal and collections would be enabled using Yabx’ digital lending platform, according to the official press release.

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Keywords: Movii, Yabx, Procter & Gamble, P&G, MSME, FMCG, COVID19, pandemic, mobile wallet, challenger bank, fintech, contactless service, machine learning, merchant onboarding, credit disbursal, digital lending
Categories: Payments & Commerce
Countries: Colombia
This article is part of category

Payments & Commerce