GCash’s Gcredit partners with CIMB Bank PH

GCASH, the leading mobile wallet in the Philippines strengthened its strategic partnership with the most awarded digital bank CIMB Bank Philippines to further widen the reach of GCredit, a digital credit facility available for GCash users.

GCash and CIMB aim to help more Filipinos gain access to critical financial tools and services such as credit, which has proven to be critical during the current pandemic. With the partnership, CIMB will provide full backup funding support for the GCredit product line and provide bestin-class digital credit services to GCash users.

Since it was introduced in March 2018, GCredit has so far empowered 550,000 customers with credit lines, disbursing roughly P5 billion to date. GCredit has also gained popularity during the pandemic with users extending their budgets for their groceries and payment for their utility bills. For this strengthened partnership, GCash and CIMB are already working through the necessary regulatory approvals.

GCredit works like a flexible loan or credit card. It gives GCash customers access to money that they can use to buy groceries from supermarkets, get medicines from pharmacies and even pay utility bills. A GCash user may have access to up to P10,000 in credit line with a low daily interest rate computed as current interest rate divided by the number of days on credit.

While it functions like a credit card, GCredit does not require users to submit extensive documentary requirements or queue up to apply for a revolving credit facility.