Credo will use the funds to on-lend primarily as working capital for people living in rural areas, with the aim of lessening the impacts COVID-19 has had on food production and the country’s agricultural sector.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

The transaction will help the company expand its product offerings to small and medium enterprises (SMEs) and is designed to support the economic recovery from the COVID-19 health crisis.

Galileo, like many financial businesses from abroad, sees potential in this country’s market.

Mexican fintech startup Credijusto has raised $100 million in debt from Credit Suisse Group, a move that will help it extend more loans to small and mid-sized businesses as banks gauge how to respond to the impact of coronavirus.