Inswitch and Nequi transform financial services in El Salvador

Inswitch, a global leader in embedded finance technology, and Nequi, a digital financial platform aimed at improving people's relationship with money, announce their strategic alliance. This collaboration is designed to strengthen and meet the financial needs of Salvadorans, with a special focus on unbanked sectors.

This new application is a business unit of Accelera, part of Bancoagrícola, El Salvador's leading bank, which aims to support users with financial and non-financial services. As part of this strategic agreement, Nequi has adopted Inswitch's financial technology, including its "Wallet as-a-service" platform, the issuance and processing service for its Mastercard debit card, and payment processing services for deposits and withdrawals.

Inswitch offers Nequi its complete full stack of financial products, including:

• Account creation for users through a fully digital registration and KYC (Know Your Customer) process.
• Issuance of debit cards linked to digital accounts.
• Simplified deposits and withdrawals through Inswitch's payment methods.
• Payments through quick response (QR) codes.
• Person-to-person transfers.
• Bill payments and phone top-ups.
• Interest payments on wallet balances.
• Customized fee charging.
• Real-time online transaction traceability.
• Access to business, operations, and risk reporting that meets the highest standards for audits and regulatory reports.

Additionally, Nequi users will be able to receive international remittances and make payments at establishments using the app, among many other functionalities.

Inswitch is committed to driving the growth of companies and banks like Bancoagrícola through its Accelera digital platform, Nequi, using our financial technology. This agreement reflects our shared vision of providing Salvadorans with access to cutting-edge financial services. Our goal is to support digital transformation and provide superior products, ensuring a complete digital experience for the entire Salvadoran population, both within and outside the country,” said Ronald Alvarenga, CEO of Inswitch.

“Our aim has been to create a comprehensive application that offers various solutions for people to use their money anytime, from anywhere in El Salvador. Thanks to this synergy between international strategic partners, such as Inswitch and Mastercard, Nequi is a trending alternative in the market that expands the possibilities of financial inclusion in the country, helping people have a better relationship with their money, empowering them to achieve what they want, and above all, supporting them in their daily lives,” stated Ricardo Arce, leader of the Nequi project.

Thus, through Inswitch's financial technology, Nequi is rapidly optimizing its financial services to reach a greater number of users and offer them better payment experiences through a flexible product capable of adapting to the changing dynamics of its clients.

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About Inswitch:

Inswitch is a global provider of "embedded finance" technology, serving companies and organizations for the rapid deployment of their own digital financial services. With Inswitch's API-based Fintech-as-a-Service platform, any company can select the best financial solution for its specific needs. All this with a strategy of rapid and frictionless commercialization, leveraging Inswitch's global network for cash operations, banking, credit/debit cards issuance, and payments. For more information, visit www.inswitch.com.

About Nequi: 

Nequi is a business line of Accelera, part of Bancoagrícola, and is the only fintech endorsed, regulated, and supervised by the Superintendency of the Financial System of El Salvador. It also has various security protocols developed with national and international partners to protect users and their savings. Nequi, one of the most used applications in Colombia, has arrived in El Salvador as the digital platform offering comprehensive solutions to help people improve their relationship with money, making everything easier and accessible via mobile phone. www.nequi.com.sv

About Mastercard:

Mastercard International Incorporated works to connect and drive an inclusive digital economy that benefits everyone, everywhere, making transactions safe, simple, smart, and accessible. Utilizing secure data and networks, partnerships, and passion, their innovations and solutions help individuals, financial institutions, governments, and businesses reach their full potential. For more information, visit https://www.mastercard.com

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