JG Summit Holdings, Inc. and financial solutions expert Oriente together with the Bangko Sentral ng Pilipinas (BSP) takes financial inclusion a notch higher in the Philippines with CASHALO.
Created to provide on-demand lending and other personalized financial services to millions of unbanked and underbanked Filipinos, CASHALO is building a financial and commercial ecosystem that aims to accelerate financial literacy and inclusion in the Philippines.
Its latest innovation, CASHACART is dubbed as the first Basket Finance Solutions in the Philippines which provides consumers access to digital credit in initially over 250 retail outlets nationwide.
“We are excited to unlock greater financial freedom and opportunity for millions of Filipinos and micro entrepreneurs. We share a common mission with the BSP in accelerating financial inclusion in the Philippines. As a Filipino company, we take great pride and responsibility in developing products to achieve that goal.”
These were the words of Hamilton Angluben, General Manager of CASHALO, during the app’s grand media launch held at One Canvas last Tuesday (October 23).
Joining Angluben during the event and making the commitment formal are Lance Gokongwei, President and Chief Executive Officer of JG Summit Holdings, Inc., Geoffrey Prentice, Co-Founder of Oriente and Ellen Joyce Suficiencia, Acting Deputy Director, Inclusive Finance Advocacy Office, Bangko Sentral ng Pilipinas (BSP) to represent also in spirit BSP Financial Supervision Sector Deputy Governor Chuchi Fonacier.
According to the BSP’s Financial Inclusion Survey 2017, over 77% of the Philippine adult population remains unbanked, making it very difficult for traditional financial institutions to have access to any financial or behavioural data points to analyse, on a majority of the population. Existing financial systems were not designed to cope with tens of millions of new customers that came with rapidly increasing populations, or the opportunity risk that came with them. This is also a major reason why, according to the World Bank, over 90% of this population is not covered by a credit bureau.
CASHALO fully supports BSP’s efforts and aims to be the engine driving financial inclusion (finclusion) in the country, enabling millions of Filipinos with no credit history build financial identities to elevate their economic well-being and participate in the global economy.
Its financing solutions are purpose-built for the underbanked Filipinos and MSMEs. The app is designed to give customers financial choice and control – so they keep track of their specific loan application status and repayment schedule based on their preferences.
Here are some of the advantages of using the CASHALO APP:
- multiple purpose-based financing options (small cash loans, consumer goods financing, etc)
- a service that is paperless, collateral-free and available 24×7 via their own mobile device
- the lowest interest rates (non-bank) on the market (as low as 3.95%) with no hidden fees
- real-time credit-scoring
- choice of repayment schedule
- approval in as fast as 10 minutes
CASHALO App services are currently divided into 3 loan options:
- CASHAQUICK allows consumers to access a fixed loan amount of 1,500 pesos, with just one valid ID.
- CASHALOAN starts at 2,500 Pesos and can increase with successful reppayment to 10,000 Pesos.
- CASHACART is the first “Basket Finance Solution” in the Philippines. An exciting new O2O (offline to online) consumer financing product that enables consumers to access a digital credit line for their specific shopping needs at retail stores – allowing them to purchase multiple products (electronics, appliances, household items, etc) across a retail network of 250 partners that include Oppo, Cherry Mobile, Memoxpress, Robinsons Appliances and Robinsons Department stores. Loans start at 2,500 Pesos up to a maximum of 19,999 Pesos.
|Loan Amounts||1,500||2,000 – 10,000||2,500 – 19,999|
|Loan Tenor||14 days||15 days – 3 months||3,6,9,12 months|
|Interest Rates||4.95% for 14 days||5.95% monthly||0-3.99% monthly|
“Cashalo was founded on the principles of inclusion and innovation,” shared Angluben. “We have a significant opportunity and are excited to take the lead in delivering lasting, positive social impact for future generations through our technology and finclusion efforts.”
CASHALO recently partnered with social-development NGO Knowledge Community in developing a nation-wide, grassroots community engagement program to drive financial awareness and foster financially responsible habits through a set of simple learning modules.
These have been specifically created to ensure a wide demographic of Filipinos (including blue collar workers, teachers, employees, university students, farmers and other community members) are able to attain a degree of knowledge, aptitude, and skills, necessary to be more financially aware and responsible. The program is currently underway in Metro Manila and will be rolled out in key cities in Visayas and Mindanao by mid-2019.
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