Venio expands mobile payments services across the Philippines

Tuesday 6 October 2020 11:10 CET | News

Venio, a mobile application providing ‘nano-credit’ facilities to unbanked consumers in emerging markets accessed via a smartphone, has expanded its services nationwide across the Philippines.

So far, the service was launched across Mega Manila, Cebu and Davao. Venio is expanding its reach via its redemption network of retail partners. Venio app users will now be able to redeem credit facilities at stores and merchants across the country, as well as local store access within the most populous municipalities in Metro Manila.

The expansion follows an increase in customer acquisition and the recruitment of additional partners to Venio’s extensive retail network. These include the Philippines’ Sari-Sari stores that are a central part of retail and local community life in the country along with the international retailers such as Grab

Venio’s ‘nano-credit’ offering enables users to access small loans starting at USD 1 and up to USD 5. This grants the unbanked consumer access to services and opens a gateway to financial support, especially for those building a credit profile for the first time.

In recent months there has been an increased demand for small lines of credit among the financially excluded. By increasing partnerships with retailers and ‘mom and pop’ Sari-Sari convenience stores Venio is better able to reach these unbanked groups.

According to the official release, based on the positive response in the Philippines market Venio is preparing to grow internationally in target high growth emerging markets in Asia and Latin America.

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Keywords: Venio, mobile app, financial inclusion, Philippines, loans, nano-laons, credit, retailers
Categories: Payments & Commerce
Countries: Philippines
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