Baubap, the microloan platform focused on the population underserved by traditional banking, celebrates its fifth anniversary with the achievement of having surpassed more than one million clients in these five years.
In this regard, the CEO and co-founder of Baubap, Roberto Salcedo, highlighted that the company seeks not only to provide microloan services but also to promote financial education through its mobile application and the “Va de Vuelta” initiative, which reimburses a percentage of interest paid as an incentive for timely payment.
Currently, the firm, which is registered in the Financial Services Providers Registration System (SIPRES), grants more than 300 thousand credits per month and aims to grant more than half a million monthly credits by the beginning of 2024.
In addition, Baubap plans to launch a new product focused on payment for durable goods in early 2024, which will expand its financial services. The CEO of the company registered with the National Commission for the Protection and Defense of Users of Financial Services (Condusef) points out that its greatest challenge is to bring these services to the 30 million people in Mexico who are underserved by traditional banking.
Source: El Financiero