What is the name of your organization?
AAvance SAS
What is the name of your solution?
AAvance Wallet
Provide a one-line summary or tagline for your solution.
We connect excluded migrants and refugees with secure financial services, financial training, and seamless digital payments from their mobile devices.
In what city, town, or region is your solution team headquartered?
Colombia
In what country is your solution team headquartered?
COL
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
The financial exclusion of migrants and refugees is a silent crisis of global proportions. Today, over 281 million migrants worldwide, 41 million of whom reside in Latin America (CAF, 2024). Without access to bank accounts, credit, or insurance, millions operate in cash, exposing them to fraud, exploitation, and persistent poverty.
According to CAF, only 13% of migrants in the region have access to credit products compared to 23% of non-migrants; in insurance, the gap is even larger: 16% versus 24%. In Colombia, this inequality becomes even more pronounced: only 26.3% of migrants have access to financial products, in contrast to 94% of the general population (Banca de las Oportunidades, 2023). This situation keeps them outside the formal economy and deprives them of the tools necessary for advancement.
Our team has created a solution that has already connected and empowered more than 16,000 migrants with Temporary Protection Permit (TPP), particularly women, who have been excluded from the formal financial system. This solution provides a fee-free digital wallet, Visa cards, financial education, and inclusive payment methods. As a result, they can build credit histories and integrate secure channels for transfers and savings, contributing to a better quality of life.
What is your solution?
AAvance promotes the financial inclusion of migrants and returnees through a digital wallet, Visa cards, and financing for entrepreneurs. Our application allows users to access banking without barriers, access digital payment tools, and receive credit tailored to their needs. In addition, we offer financial education through modules in ENKO, strengthening their money management skills. With strategic allies such as VISA, Coopcentral, and organizations such as World Vision, Mercy Corps, and Opportunity, we facilitate the economic stability of our target population, promoting entrepreneurship and sustainable financial growth.
Who does your solution serve, and in what ways will the solution impact their lives?
Our solution is designed for migrants over 18 in regularized in Colombia and Latam, with expansion plans in Latin America, especially women with temporary protection status, who are currently outside the financial system. Many cannot open accounts, access credit, or build a financial history. They live day-to-day, exposed to scams and exploitation, operating solely with cash and informality. We created AAvance as a free digital wallet validated by Visa; we offer financial education, nanocredits for entrepreneurs, and positive reports to credit bureaus. More than 74% of our users are migrants, and 55% identify as women, reflecting our equity-based approach. We understand and make visible the needs of this population.
For this reason, we validate immigration documents, facilitate digital payments without expensive devices (Tap to Phone, QR, WhatsApp), and promote savings, remittances, and credit tailored to their circumstances. Through partnerships with NGOs and governments, we have banked more than 16,000 people and mobilized more than USD 88,000 in transfers and productive loans. Our solution not only narrows the financial access gap but also builds confidence, economic empowerment, and resilience.
