Our pilot bizmoPay lending program is being rolled out to select bizmoto agents.
To date, we have chosen about 10 bizmoto agents to trial bizmoPay as we aim to pursue full integration with the existing bizmoto platform and an application, approval and receival process that is seamless.
So far, we have seen the small, micro-enterprise loans used to facilitate mobile payments across the bizmoto platform, specifically for bill payments and eLoading transactions.
And the bizmoPay service has been praised by both bizmoto agents and registered users.
“Bizmoto is great because it helps my business grow,” said bizmoto agent Aldrie Antiporda.
The Philippines has a population of approximately 110 million people, of which circa 90% don’t have a credit score and 70% are unbanked.
The country’s median age is 24 and the population has a high mobile phone usage. For example, research shows more than 7.5 million users have currently accessed other non-bank, mobile App lending services – with some of these services acquiring on average 125,000 new users per month.
And with 86 per cent of the Filipino population using the Internet via their mobile devices, there is obviously a strong willingness to access non-bank and traditional bricks and mortar services via a mobile phone App.
What we are seeing is the alternative non-bank consumer lending market growing rapidly throughout the Philippines and Peppermint is well placed to capitalise on this growth trend via its established bizmoto platform and bizmoPay