Visa and Jefa Join Forces to Serve Women’s Financial Needs in Latin America and the Caribbean
Mexican market first to go live with Visa and Jefa’s launch of women-focused Visa debit cardRegional partnership underscores Visa’s commitment to driving inclusiveness everywhere
Visa (NYSE: V) today announced a 7-year regional partnership with Jefa, the first platform in Latin America and the Caribbean focused on serving the financial needs of women – a significantly underserved segment. Under the exclusive partnership, Jefa will launch a Visa card* first in Mexico – where 54% of women are unbanked - followed by rollouts in Colombia and Central America. Going forward, the agreement envisions collaboration around developing new solutions and experiences for Jefa’s customers.
“Visa believes in empowering women – from entrepreneurs to home-makers,” said Sonia Michaca, Senior Director of Fintech Partnerships for Visa Latin America and the Caribbean. “Financial and digital inclusion transform economies. Women, who control the lion-share of everyday household spending, should be at the core of this transformation, yet women are vastly underserved by traditional banks. We are thrilled to be partnering with Jefa, a women-lead platform in Latin America and the Caribbean, and one which explicitly serves women’s financial needs in the region. Together we look to accelerate the inclusion of women in the financial services sector across Latin America and the Caribbean.”
- SONIA MICHACA, SENIOR DIRECTOR OF FINTECH PARTNERSHIPS FOR VISA LATIN AMERICA AND THE CARIBBEAN
A recent Visa-led study highlights strong appetite from women consumers for new forms of digital payments. More than 60% of women, particularly millennials, say they expect brick-and-mortar retail stores to offer contactless payment options and a majority (54%) are using contactless payments whenever possible. Forty-four percent of women consumers in Brazil indicate they are more frequently using contactless payments and 58% say they wouldn’t shop at a store that doesn’t offer contactless payments. While, 52% percent of global consumers now shop online more wherever possible, and women consumers see these trends sticking around post-pandemic. The Jefa and Visa product offering will meet this demand for new product offerings for female consumers.
Jefa, which launched its product offering in Latin America and the Caribbean, is the region’s first platform exclusively focused on serving the financial needs of women. Disrupting the traditional male-targeted marketing and product offering of the banks and neobanks in the region, Jefa has over 100k women on their pre-launch waitlist. With just a government-issued ID and no minimum balance requirement, women can open an account** complete with built-in savings applications and other women-tailored features, for free in just minutes from their phone.
“Jefa is a solution for women that empowers them with the tools they need to create a better livelihood. At Jefa, we take a multifaceted approach that addresses the numerous barriers women face to entering the global economy. This includes using gender-disaggregated data to inform our product, designing distribution channels to reach women in places they trust, and providing services that are tailored to their distinct financial behavior. Adding the power of the Visa brand and their global commitment to women strengthens our offering and widens the financial and digital inclusion of women across the region.”
- EMMA SMITH, JEFA FOUNDER AND CEO
Empowering women, long a priority for Visa
The deal builds on Visa’s long-standing commitment to empowering women and gender equality. Visa has made digital parity a priority everywhere it operates through a variety of programs aimed at women consumers, entrepreneurs, and businesses. One example, as announced at the start of the pandemic, the Visa Foundation $200 million Equitable Access Initiative, will support SMB recovery with a focus on women’s economic advancement. In addition, through a $20 million grant to Women's World Banking, the Visa Foundation is supporting a five-year program to help 1.5 million women-owned micro and small businesses grow their assets by 20 percent and create financial access for 10 million women globally.From pay equity and sponsoring women in sports to funding and developing programs specifically for women entrepreneurs and small business owners everywhere, Visa strives to harness and scale innovation to empower women in all facets of life, and to partner with start-ups that have the same goals.
For more information, visit www.visa.com