Namo inc credit card8/12/2023 We have improved our partnership network and repayment centre outreach with new ongoing redemption partnerships. Our credit facilities in the form of nano loans are available through a grassroot redemption network of international and local retailers and thousands of ‘mom and pop’ Sari-Sari convenience stores in the Philippines. How has the company enhanced its easy-to-access credit facilities in its key market the Philippines? What is the impact so far? The Venio app is a gateway to more advanced forms of financial support, especially for those building a credit profile for the first time. Our role is to provide the unbanked population with better financial services. We are seeking to extend the outreach of our services to people who have never really participated in traditional banking before and remain without access to bank accounts or credit cards. The pandemic has increased demand in small lines of credit for those excluded from the cashless world. The cornerstone of our offering lies in boosting financial inclusion in communities. In the post-Covid era, financial inclusion must be ensured for the economic development of communities impacted by the pandemic. We are seeing the initial repayments and secondary loan payments continue to be greater than expected, showing that when done responsibly nano credit can really work for people.Ĭan you elaborate on Venio’s nano-credit facilities? What is its role toward the unbanked population in emerging markets amid the pandemic? In the first week of Venio’s operations, the app saw 10,000 downloads and there is a lot of demand for a platform that can boost financial inclusion. In short, it will allow customers to build their own credit history by opening a gateway of financial services. The Venio app is designed to encourage responsible lending and borrowing. It can place them at a disadvantage while managing uncertain financial conditions. Inability to access credit can stop people from reaching their short and long-term goals. The lack of access to financial products and services implies limited access to credit. It can set people on a path to failure and keep them moving in a vicious cycle of dependency where their only access to support is outside of the formal financial sector with unregulated lenders. An inability to access financial services on a daily basis is a barrier to upward mobility. That said, the unbanked population in the Philippines is much higher at 81 percent. Asia, Latin America and Africa comprise less than 15 percent of the population having a bank account. How is Venio empowering the unbanked population in those emerging markets?įinancial inclusion is a key enabler in reducing poverty and boosting prosperity but a significant proportion of the world’s adult population do not have access to basic financial services. We want to deliver social impact in places we operate. Venio would be able to bring a lot of value and offer something special. These are ideal locations for nano credit loan facilities due to their underlying demographic trends and mobile penetration, in addition to the unmet market demand. Beyond Mexico, our strategy is to establish a presence in Colombia to deepen our relationships in Latin America followed by expanding our operational footprint in Malaysia and Thailand. This has helped our launch to become a success and made our mobile payments product accessible at a community level. This is essentially Mexico’s network of small local ‘changarro’ stores which have a lot in common with the Philippines Sari-Sari convenience stores that Venio has leveraged as a key part of its redemption network. Mexico is also an attractive location where we are establishing contacts as there are many features of the Mexican retail landscape that are similar to what can be found in the Philippines. Venio’s initial launch took place in the Philippines, but we have plans for wider regional expansion in high growth emerging markets in Asia and Latin America. What are the emerging markets that Venio is tapping into for expansion? Warren Platt, Founder and CEO of Venio, in an exclusive interview with International Finance, talks about the company’s efforts in boosting financial inclusion in the Philippines and expanding its market presence to other emerging markets. Interestingly, more Filipinos are expected to show interest in digital financial transactions by 2025, with 75 percent of the total payments expected to be carried out electronically and 80 percent of customers registering with new accounts in financial institutions besides their primary banks. A recent joint study conducted by Backbase and International Data Corporation found that fintechs will be largely responsible for bridging the financial gap in the Philippines.
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