The extended lockdown has impacted mostly the informal sector, with a lot of SMEs downsizing their operations at a minimum and many Filipinos desperately looking for ways to augment their income.
During these trying times, when finances are tight, fintech platforms like Cashalo extend support through fast disbursement of digital credit to the unbanked and underserved Pinoys without the hassle of traditional loan processing.
“There are still millions of Filipinos who do not have bank accounts. A majority of them find it hard to open accounts because they don’t have enough money to begin with and cannot afford to have bank accounts that require a maintaining balance. Add to that the effect of prolonged lockdown on their sources of income,” said Chino Flor, Cashalo general manager.
According to the 2019 Bangko Sentral ng Pilipinas survey, some 51 million Filipino adults do not have bank accounts.
“Cashalo envisions elevating Filipinos’ financial well-being by offering microloans that are made available even to the unbanked and underserved. It provides its customers access to urgent loans to help them get by through the pandemic—from paying bills and school fees to getting emergency supplies. Funds may also be borrowed to purchase gadgets and appliances in installment, or to start a small business,” Flor said.
Powered by Globe myBusiness, Cashalo’s platform was able to provide borrowers instant loan disbursements via GCash. Globe myBusiness SMS API also enables Cashalo to easily reach more customers through automated text notifications and broadcasts to mobile phone users in one go.
Since its launch in 2018, Cashalo has been driving financial inclusion in the country through digital innovations. It was recognized by the International Finance Awards (IFA) 2019 for offering the “Most Innovative Fintech Products” recognizing its efforts to introduce an inclusive, reliable, and secured digital platform that responds to the needs of the market.
“We are honored to take part in Cashalo’s mission of bringing its financial services to more Filipinos,” said Globe myBusiness industry manager Bradley Pineda.
“The benefits associated with the automation of day-to-day operations can lead to greater work efficiency that will empower our clients in the financial sector to serve their customers better,” Pineda added.
To learn more about Globe myBusiness financial industry solutions, visit https://www.globe.com.ph/