How Unbanked Filipinos Get Access to Credit
Financial Inclusion Week is a week of global conversation on the most important steps to advance financial inclusion. This year, stakeholders explored how new products and partnerships are empowering customers. Building on the momentum, SME Finance Forum member, Mambu, shared stories of their clients who have gone digital to inspire organisations just starting their journey.
One of Mambu's clients, Fuse has been providing credit to individuals who have been previously overlooked by traditional financial institutions. Three out of four Filipinos don’t have access to banks and nine out of 10 don’t have access to formal credit. Most Filipinos are therefore forced to deal with informal lenders who charge usurious rates, driving them deeper into debt. This is the problem that Fuse Lending wants to solve.