The Challenge
According to the Economic Commission for Latin America and the Caribbean (CEPAL), more than 70 million people in Latin America lack sufficient income to purchase basic necessities, forcing them to take out small loans for food at neighborhood stores. In Mexico, more than 20 million people shop on credit at these stores. This trust-based credit system, which grants small short-term loans without collateral, has become the only financial support for millions of low-income Mexicans who lack bank support. According to Forbes, Mexico is among the five least banked countries in the world. However, these small stores can only lend to a few neighbors. That's why we created a larger system that uses the same credit model, but at the national level.
The Solution
WeCapital created "The E-Commerce of Trust," an online neighborhood store where people can buy food on credit, just like in neighborhood stores: without bank cards, without guarantors, and with only one guarantee: trust. It is an ambitious platform that has demonstrated excellent results in both the short and medium term. It has benefited thousands of families in vulnerable communities who depend on microcredit in order to survive, allowing them to build a credit history and providing access to the financial system. All of this is achieved through a credit system that involves families, their communities, local businesses, and the financial sector. This promotes sustainable economic growth, revitalizing the economy in marginalized sectors, combating poverty, and ensuring financial inclusion.