NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

MicroVest announced a $4 million investment in Bayport Colombia, a financial services provider specializing in payroll lending for underserved pensioners and public sector employees in Colombia. Bayport’s payroll loans, also known as ‘Libranzas,’ are administered by employers and repaid through automatic payroll deductions, an approach that facilitates individuals with limited credit histories or lower/riskier credit scores to establish and/or re-build their credit profiles.

Photo courtesy of Troy Bridges.