Maj Invest Financial Inclusion Fund III invests in agent network market leader globokas in Peru

Maj Invest Financial Inclusion Fund III (MIFIF III) has made its fifth investment by acquiring shares in GTV Globokasnet LLC, the parent company of Globokas Peru S.A (GKN). Established in 2017, GKN operates Peru's largest multi-bank correspondent agent network, consisting of over 14,000 independent micro-small mom-and-pop corner stores, primarily in rural areas with limited financial institution presence. GKN connects over 56 financial institutions and service providers with underserved communities via technology-enabled micro-small stores.

These stores, equipped with POS systems, offer basic financial services such as cash transactions, bill payments, and airtime purchases to more than 2.6 million low-income clients.The lack of infrastructure is a significant barrier to financial inclusion, making agent networks a cost-effective solution for financial institutions to expand their reach. Peru has over 400,000 micro-small mom-and-pop stores, with only 15% part of an agent network, and 60% are women-owned.

MIFIF III, in partnership with Nuveen Global Impact Strategy, aims to support GKN's expansion and introduce new tailored products and services for the unbanked low-income population. Maj Invest will also enhance corporate governance, formalize ESG standards, and serve as a strategic board advisor.
Also see article in the media:
Nuveen press release: Investment, in partnership with Maj Invest Financial Inclusion Fund III