By Andrei Skvarsky.
A smartphone app for micro-borrowing developed by New York-headquartered company Venio primarily for unbanked individuals is now usable throughout the Philippines after an initial roll-out in its metropolitan areas in July.
The app provides access to loans starting from $1, Venio, which is a global financial technology company, said in a statement. The money can be picked up at retail shops.
Venio plans to expand the service, which is expected to boost financial inclusion, to other Asian countries and to Latin America.
According to the Filipino central bank, 51.2m of adults in the Philippines, a country with what in 2019 was an adult population of about 72m, are unbanked.
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