Monifai, part of YNV Group, has announced plans to expand its services to Central America starting with operations in El Salvador and Guatemala.
The company will open offices in El Salvador in October and will be operating in Guatemala at the beginning of 2023. Long-term expansion plans include the Caribbean region.
Transforming the fintech industry in El Salvador and Guatemala
El Salvador and Guatemala are a logical next step in Monifai’s growth strategy. With a population of more than 16 million people, Guatemala is the biggest market in the region while the fintech ecosystem in El Salvador continues to grow.
Monifai sees this as an opportunity to offer specialized fintech solutions to help the dynamic and evolving economy of both countries. It’s our goal to provide citizens in these locations with safe and effective digital solutions to meet their unique credit needs.
“With only 19 months in operation, Monifai has transformed the fintech industry and has provided the citizens of Costa Rica with fast and easy access to capital with our online platform. Our goal is to now help more people achieve their goals, and I am confident in our plans to extend our services to El Salvador and Guatemala and provide citizens with an innovative experience providing safe and easy access to capital which is in high demand” commented Monifai’s CEO, Carlos Roberto Gutiérrez.
Gutiérrez has previous experience of expanding international operations in El Salvador and Guatemala, and as a Salvadoran, he knows the culture well and the demand for innovative financial solutions.
“Citizens need this ‘first push’ to consolidate their entrepreneurship and achieve their goals. Monifai will provide the entrepreneurs with access to specialized financial solutions to support their growing needs” concludes Gutiérrez.
The company’s expansion into El Salvador and Guatemala will also support the local labor economy by creating 75 job roles in each country. Long term, Monifai’s growth strategy seeks to establish presence across all Central America and the Caribbean, with further operations to commence in the next five years.