MIO and Fenacodep sign agreement to boost businesses through digital payments
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3 minutes read
This strategic alliance aims to reach around 15,000 retailers to promote financial inclusion and the democratisation of digital payments in the DR.
Santo Domingo, January 2021.- To drive innovation and economic dynamism among Micro, Small and Medium-sized Enterprises (MSMEs), the National Federation of Grocery Retailers (FENACODEP) and MIO, a company that uses technology to offer financial solutions, will work together to give small business owners new payment alternatives.
Jorge Morales, Christian Pichardo, Maximiliano Bar, Fausto Figuereo and Manuel Troncoso
The collaboration agreement, signed by Fausto Figuereo, president of Fenacodep, and Maximiliano Barr, co-founder and commercial director of MIO, will reach around 15,000 of the federation’s members, using technology to stimulate economic dynamism and commercial activity.
At the signing, the Vice-Minister for the Promotion of Micro, Small and Medium-sized Enterprises, Jorge Morales, said traditional businesses today face the challenge of transforming, especially MSMEs and above all grocery retailers, in order to remain competitive in an environment very different from the one they were used to when they started out.
Fraysis Moronta and Laura Lee
“We have moved from a local market to a much more global one, and associations are not exempt from this digital transformation process. Many sectors have also been affected by a radical change in business model, and to adapt it is wise to take the next step. This strategic alliance betweenMIOandFENACODEP meets the need for digital tools for financial inclusion and for collecting and making digital payments.”
Fausto Figuereo explained that with this agreement they aim to promote the use of digital payment methods so that MSMEs join the technological revolution as a boost to their growth and competitiveness, benefiting the organisation’s various associations and members.
Meanwhile, Maximiliano Barr set out the strategies they will implement to support innovation in this business segment. “We will make our platform available so that retailers can accept card payments and other digital payment methods from a smartphone or mobile device such as a tablet. Our solution democratises not only access to digital payment acceptance, but also tools that help businesses grow and have more control, such as seeing their sales history, managing a product catalogue, making remote sales with payment links and getting to know their customers better so they can serve them better. We want to deepen our relationship with the sector, empowering it with tools so they can take charge of managing their finances and prosper”, he explained.
Francisco Moya and Salvador Flores
At the signing, MIO’s CCO said that as well as enabling businesses to accept card payments, MIO aims to train and guide retailers on adopting new payment methods, providing quick solutions for business administration to simplify their day-to-day work and add value to how they manage their business finances.
As part of the agreement, MIO will run training and awareness workshops through the associations that make up FENACODEP on adopting technology to strengthen competitiveness. To create value for members, they will also provide guidance and support on stock management, sales, marketing strategies and finance, among other topics of interest to MSMEs.
The meeting, held at a hotel in the capital, was attended by Jonathan Bournigal, MICM chief of staff; Christian Pichardo, co-founder and CEO of MIO; Manuel Troncoso, adviser to the Executive Committee of FENACODEP; and other representatives of both organisations and the sector.
A digital financial management platform that helps people and businesses grow by giving them simple tools so they can live to the full. MIO believes that democratising sound personal and business financial management is possible through digital payment platforms and practices that enable financial inclusion.
The National Federation of Grocery Retailers, Incorporated (FENACODEP), promotes the development and modernisation of colmados (corner shops) and their institutional structure (associations, regional blocs and governing bodies: congress, national council and executive committee), and represents retailers nationwide, championing the social and economic development and wellbeing of all its members. It has more than 30,000 members in 102 retailers’ associations across the country.
