Saturday, Jun 19, 2021
International Finance
Banking

Venio offers credit facilities to unbanked adults in emerging markets

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The company aims to increase financial access to the unbanked population in emerging markets

Venio has recently started offering easy-to-access credit facilities to unbanked consumers in the Philippines. The company aims to increase financial access to the unbanked population in emerging markets.

It is reported that Venio is the first nano credit service available on smartphones for emerging markets and in the Philippines. The Venio App saw 10,000 downloads within the first of operations. The initial roll out for the app came ahead of the company;s expansion plans into high growth emerging markets in Asia and Latin America.

According to the World Bank data, nearly 1.7 billion adults remain unbanked globally, pointing to one fourth of the global population. A majority of these cases are found in emerging markets.

More specifically, 54 million adults are unbanked in the Philippines which is more than 81 percent consumers in the country. They do not have access to necessary financial products and services to meet their needs.

In this context, Venio plays an important role to address the global challenge of the unbanked population. The company’s easily accessible financing services are available through an extensive network of local and national retailers and service providers in the country. The app is intuitive, easy to use and efficient in loan processing for consumers and merchants.

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