Peter Macnee, Virgin’s point man in Latin America, launched his company in Colombia and will enter the Mexican market in 2014. His foray into each of these markets is preceded by the unveiling of a provocative statue of Virgin’s founder Sir Richard Branson, usually placed right in front of the new corporate office or even inside its foyer. Antics aside, Virgin Mobile Latin America means business. Mr Macnee keeps quite a straight face as he boldly proclaims that his company will make a mobile phone available to every person on the continent.
In August 2012, Virgin Mobile’s commitment to bringing affordable mobile services to the masses received the blessing of the International Finance Corporation (IFC), part of the World Bank Group, which agreed to supply $11m of strategic funding to help the company gain a solid foothold in Chile. The IFC debt facility will likely entice private investors to underwrite Virgin Mobile’s expansion in Latin America. Since then, the IFC has earmarked an additional $14m in financing to facilitate the launch of Virgin Mobile in Colombia and has expressed an interest to work alongside Virgin Mobile in Mexico.
Mr Macnee feels pretty sure that Virgin Mobile Latin America can make both a splash and a difference: “Our business model aims for competition on creative products as well as on customer satisfaction. The two haven’t often been seen together and for many customers, Virgin’s way of conducting business comes as somewhat of a surprise.”
In Latin America, Virgin Mobile is aggressively and creatively marketing its services to young people. “We have found that customers in this group feel little affinity with existing telecom brands and are bewildered by the glut of confusing mobile plans being offered, one even more complicated than the next.” Mr Macnee and his staff came up with the popular concept of the Anti-Plan: A transparent, straightforward and affordable way to disseminate prepaid mobile services in less affluent demographic segments previously considered off-limits to mobile providers.
By Alessandro Hatami, European banking innovation expert and co-author of Reinventing Banking and Finance and…
For years, a persistent argument has loomed over the push for net zero: that transitioning…
With a sharp focus on delivering compelling risk-adjusted returns, CORDET Capital has positioned itself as…
Attend enough investment forums and they begin to blend into one another. The Fourth Tashkent…
As Uzbekistan accelerates its transformation from a closed economy to a liberalised investment destination, the…
BIAT continues to assert its dominance in the Tunisian financial market, reinforcing its resilience with…