Research: Observing financial habits
Our research team discovered a striking cultural trend. While the majority of the Colombian population does not engage with commercial banks, almost all research participants interviewed received informal financial services through trusted people or role models within their social circles.
Development: Understanding behavior
While informal financial advisors exist across Colombia in remarkable numbers, it took time and effort to identify and secure scalable recruitment channels. Traditional marketing and product design didn’t work, as numerous strategies were iterated to achieve activation (the first loan) and sustained engagement over time.
Today, Aflore has helped hundreds of people realize their financial aspirations through the disbursement of more than one thousand loans. While steadily increasing maximum loan size, they have been able to maintain late payment and default rates that are well below the market average. Their core team has grown to over twenty members.