Mobile wallet GCash and CIMB Bank Philippines strengthened their partnership to provide GCredit users with a credit limit of up to P100,000, a push for financial inclusion through digital channels.
The GCredit service is an in-app function on GCash. It is the first-ever digital micro-lending service in the country, where qualified customers can purchase goods, services, and pay their bills in-store or online with over 17,500 partner merchants nationwide.
CIMB Philippines will power GCredit services, utilizing its credit evaluation, analytics expertise, and funding capabilities for GCash customers.
With this, GCredit can reach more Filipinos with monthly loan interest rates for as low as 1%.
GCredit users with good records will also be granted the opportunity to access bigger credit lines through CIMB's personal loans which allows digital applications for a loan of up to P1,000,000.
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"GCash has been at the forefront of financial inclusion in the Philippines, and delivers the same with innovations like GCredit. GCredit as a service has helped extend over P8 billion to close to a million Filipinos nationwide in 2020. With a stronger partnership with CIMB Bank, we are positive that millions more will be able to enjoy and maximize what GCredit can provide," said Martha Sazon, President and CEO of GCash.
"This allows us to bring banking closer to all Filipinos and drive our common agenda of financial inclusion and access to credit. With the expansion from our initial exclusive savings partnership now to credit partnership, we aspire to turn GCredit to be the number one credit and payment product in the country," said CIMB Bank Philippines CEO Vijay Manoharan.
"Through GCredit, Filipinos who do not have access to any credit facilities with a bank will now stand a chance to avail a revolving credit line with instant approvals in a very convenient and seamless way on their mobile phone," Manoharan added.
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