GCash, the Philippines’ top financial super app, is poised to give more users access to affordable formal credit as it launches innovations for GCredit, in partnership with leading digital banking services provider, CIMB Bank PH.
“GCredit has been an essential tool in helping us achieve our goal of providing fair loans to more Filipinos,” said Tony Isidro, President and CEO of Fuse Lending, GCash’s lending affiliate. “In fact, GCredit has already empowered over 2 million users across the Philippines through our partnership with CIMB — giving users a much-needed lifeline to help them achieve their goals.”
Fuse Lending, Inc is a company that offers simple, affordable, and secure loans in the Philippines. Its primary goal is to enable individuals and small businesses to achieve financial security and growth through various digital lending products.
Fuse Lending is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines. It’s also regulated by the Securities and Exchange Commission (SEC).
CIMB Bank Philippines is a digital-only commercial bank providing innovative mobile-first digital banking solutions and services. Named by Forbes as the Top # 1 Bank in the Philippines in its 2023 World’s Best Banks ranking, it has garnered 83 prestigious international awards and is a leader in digital banking products and services in the Philippines.
Currently serving around 7 million Filipinos and over 2.5 million lending customers, CIMB Bank Philippines is also part of the CIMB Group, one of Asean’s leading banks in over 16 global markets.
The two companies are set to introduce new features for GCredit which aim to help current users manage finances even better and make it accessible for more users.
“GCredit now offers a higher maximum credit limit of up to P50,000, which they can use to pay bills and buy products online or in physical stores, and has further reduced the minimum monthly repayments (minimum amount due) to be more amiably affordable for our customers and encourages more people to turn to digital payments which is safer, faster and more rewarding,” shared CIMB Bank PH Chief Executive Officer Vijay Manoharan.”
GCash and CIMB lowered the monthly minimum amount due to 10 percent of the principal loan amount plus interest and fees in line with making the service more accessible.
Maria Victoria Luz Martinez is among the 2 million customers who have been empowered by GCredit. Like many Filipinos, she had no experience borrowing from formal financial institutions. But thanks to GCredit, she can now easily pay bills or buy essential goods even if she’s short on cash.
“Actually, I’ve never had a credit card. But with GCash, I was able to experience GCredit. You don’t need to borrow money from others or from loan sharks. GCash also has lower interest rates so it’s not a hassle to use. You won’t be burdened when repaying your loans unlike with other [informal] lenders wherein the interest is even bigger than the principal amount,” Martinez said.
That’s why Martinez recommends GCredit to her family and friends so that they can access affordable and safe credit.
