Diego is the Founder of Sommos, an organisation that improves financial inclusion in Latin America by partnering with financial institutions and banks to expand access to credit for financially excluded people and improve financial literacy.
Sommos was established in 2023 in response to the microcredit crisis in Latin America, where interest rates can reach up to 200% and more than 70% of the population remains underbanked, lacking access to formal credit.1 Recognising this gap, Diego partnered with banks and financial institutions to develop savings products that can be integrated into existing banking platforms. Through these systems, users commit to saving regularly, helping them build a financial track record and improve their creditworthiness. In some cases, these tools are delivered via platforms such as WhatsApp to ensure accessibility for informal workers or those unfamiliar with traditional mobile banking. This enables individuals to participate in structured savings models, including group savings and micro-savings.
To date, Sommos has partnered with 10 banks and financial services across Bolivia, Peru, and Mexico, reaching over 100,000 users through applications built for banks. Through these platforms, more than $200 million in credit has been disbursed , preventing an estimated $162 million in high-interest informal borrowing and saving users $123.58 million in interest payments through access to affordable formal loans.
Diego attended the 2022 Summit in Manchester after being selected in recognition of his work leading Tu Beca Olivia. At the time, he had also just begun developing Sommos. During the Summit, he formed a partnership with a fellow Ambassador and a solar provider, leading to the development of a new initiative that enables Sommos customers to access credit for solar panel installations.
“For the amount of time I have devoted to One Young World I believe the return has been more than I ever expected. As an Ambassador, if you want more out of One Young World, you just have to ask, the opportunities are there.”
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