Moni Online S.A.

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Project Number: 
Expected Consideration Date by the Board: 
Date Posted: 
Finven Latam Inc. (“Moni”)
Financing Requested: 
US$3 million
Science and Technology
Environmental and Social Category: 
Scope Objective: 

Moni is a provider of financial services and a virtual wallet intended to serve underserved and/or unserved banking industry consumers. The Inter-American Investment Corporation (“IIC”) funds will allow Moni to expand its loan portfolio in Argentina to underbanked sectors and to flexibly and efficiently expand the products and services it offers. The most significant impacts on development derived from the Project are as follows: (a) promotion of financial inclusion, primarily among the underbanked population, through short and medium-term microloans; (b) gradually increase the microloans terms; and (c) time and cost savings for individuals using a digital tool to pay bills and grant loans.

Brief Description of the Project:

The proposed Project will consist of a convertible debt of up to US$3 million with a three-year term for Finven Latam Inc. (“Moni”), to be granted by the IIC.

Environmental Review: 

1. Project Description. The proposed project seeks to expand credit to individuals underserved and/or unserved by the banking industry, using technology solutions based on web and mobile telephone services.

2. Environmental and Social Categorization and Rationale. In accordance with the IIC Environmental and Social Sustainability Policy, this project is classified as a Category FI-3 operation given that the use of funds from this loan presents a low risk.

3. Environmental and Social Risks and Impacts. Moni’s primary business is providing financial services to individuals such as: cash advances, installment loans, and bill payment. Moni currently has a short-term loan portfolio (35 days) that is highly dispersed among approximately 60,000 active clients.  

4. Mitigation Measures. Moni received an investment from the International Finance Corporation (“IFC”) in 2017. Among other commitments undertaken with that institution, Moni must implement policies and procedures for human resources management, as well as comply with the worker health and safety requirements established in the IFC Performance Standards.
Moni does not have an environmental and social management system for identifying and mitigating its portfolio risks. It must participate in the on-line training offered by the IIC, which will allow it to develop those capacities as well as to apply the exclusion list to its activities.