CreditCare operates as a non-depository bank in emerging markets. Credit: Kevin Schneider from Pixabay.

Consumer finance firm Creditcare Technology has formed an alliance with MoneyGram International to expand operations in key emerging economies.

The tie-up will see CreditCare foray into Nigeria by leveraging Moneygram’s backend infrastructure as well as its partnership with nine partner banks.

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With Moneygram, CreditCare is also expanding to an additional 12,000 locations to offer financial services.

CreditCare operates with a non-depository bank licence in the Philippines and Vietnam.

According to the press statement, the firm’s founder used the authorisation to integrate with a network of infrastructure with more than 20,000 physical locations, operated by SoftBank subsidiaries, to service consumers.

CreditCare offers formal financial products such as personal loans and remittance services to the underbanked population via both its 35,000 brick-and-mortar locations and online.

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CreditCare Technology founder Julia Ko said: “The digital revolution has accelerated financial access for EMs, and decreased the high cost of customer acquisitions with increased efficiency in underwriting. This presents compelling investment opportunities and cross-selling of products within fast-growing economies.

“We are excited to make digital financial products available to a broader range of populations. Increased financial access accelerates GDP up to an impressive 14% in EMs. By helping drive economic development, we improve the lives of women and by proxy, their families.”

CreditCare Technology spokesperson said: “The partnership with MoneyGram is a significant milestone in our mission to bring inclusive financial services to users in emerging markets. We believe financial services should be easy, low-cost, and accessible to not just 10% of the population.

“The CreditCare and MoneyGram partnership provides greater access, security, and simplicity for people to remit funds and get access to lines of credit.”