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Venio launches 'nano-credit' lending app to boost financial inclusion in emerging markets

Tuesday 28 July 2020 15:17 CET | News

‘Nano-credit’ mobile application company Venio has begun offering credit facilities for the unbanked consumers in the Philippines. 

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.

Furthermore, Venio’s financing and redemption offering is available via an extensive network of local and national retailers and service providers operating across retail, grocery, healthcare, transportation, leisure, and entertainment. The Venio network includes several global and multiple local brands as well as thousands of the Philippines’ Sari-Sari convenience stores that have partnered with Venio to offer credit facilities to customers.

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Keywords: Venio, credit, unbanked, Philippines, emerging markets, retailers, nano credit
Categories: Payments & Commerce | Mobile Payments
Countries: Philippines
This article is part of category

Payments & Commerce