According to the press release, Venio’s aim is to lift a generation of unbanked people into the financial system, help them to achieve financial discipline and a credit footprint in order to open up fair and equal access to useful financial services that wouldn’t otherwise be available to them.
Venio is the first ‘nano credit’ service available on smartphones for emerging markets and in the Philippines market the service is taking the lead in meeting the strong demand for credit products and services among communities who have historically been underserved by traditional financial services. The initial launch for the app comes ahead of wider regional expansion plans for high growth emerging markets in Asia and LATAM.
Moreover, receiving approval for Venio’s product does not require collateral and offers Venio users’ immediate access to small or ‘nano’ loans starting at USD 1 - USD 5.00 – in the Philippines one dollar can cover the cost of two kilos of rice, basic medicine, and transportation to and from work for a week.
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