Venio launches nano-credit mobile app in Philippines

Wednesday 29 July 2020 10:18 CET | News

Venio, a mobile app providing nano-credit facilities to consumers in emerging markets, has begun offering credit facilities to unbanked consumers in Philippines. 

Venio’s aim is to lift unbanked people into the financial system, help them to achieve financial discipline and a credit footprint in order to open up their access to financial services.

According to the latest report from the World Bank Group, 1.7 billion adults are unbanked globally, a figure approaching one fourth of the global population, with most of these cases coming from emerging markets.

In the Philippines alone 54 million adults are unbanked, which is over 81% of consumers in the country. Venio addresses this global challenge. According to the official press release, receiving approval for Venio’s product does not require collateral and offers its users immediate access to small or nano loans starting at USD 1 – USD 5.

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

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Venio, lending, mobile app, nano-credit, unbanked, Philippines, World Bank Group, loans, retail, network
Categories: Banking & Fintech
Countries: Philippines
This article is part of category

Banking & Fintech