According to the World Bank Global Findex, there are over 210 million unbanked adults living in Latin America. Of those adults in Brazil with an account, 64% of them still use cash to pay their utility bills. In the United States, there are over 23 million underbanked Hispanics, surveys have shown a lack of trust, complicated fees and lack of banking access as top reasons why Hispanics do not have an account.
The mission of Uulala is to empower the underbanked populations of the world by providing access to the financial tools they need and the entertainment they desire. Uulala will be the ecosystem to create markets that previously did not exist and will provide social impact for generations as the financial tool for Hispanic banking solutions.
The Uulala platform not only provides ways for Hispanics to participate in secure financial transactions, build credit and provide remittance services but also gain access to entertainment and shopping services that were once out of reach because of their banking status. Uulala’s proprietary technology rewards users for activity, including cashback, and builds the credit history for long-term user adoption and financial benefits.
“Our mobile app and platform were designed to solve our community’s needs, the Hispanic community, all of our team knows someone who works hard to support their family but is forced to go to the predatory check-cashing places because they have been turned down for a bank account because of poor credit. We know that pain and decided to create a solution for our friends and family to gain access to the services they need with transparent affordable rates, including the ability to participate in Ecommerce. Uulala is here to empower our culture, to balance the financial scales and inject pride into the Hispanic consumer” stated Oscar Garcia Founder of Uulala.
Uulala removes the fragmented system composed of multiple service providers that a Hispanic consumer deals with for check cashing, remittance, limited pre-paid card activity and bank accounts. Uulala delivers these services in a more cost-effective manner while also including entertainment access, cashback on shopping and builds credit in an easy to use mobile application. Find out more at http://www.uulala.io
The Uulala mobile application and banking platform will bridge the gap that banks and users need. The creation of a platform that can have both the incentives to drive customer loyalty and the ability to begin boarding users into a non-cash payment world will change the global under-banked population forever. Uhhlala is the complete vehicle that will service the users and provide the platforms banks, merchants and e-businesses need.