GCash ramps up offerings for MSMEs in stronger push for financial inclusion

GCash, the country’s leading mobile wallet, is ramping up its line-up of digital financial services to give micro, small, and medium enterprises (MSMEs) a much-needed boost in the new normal.

GCash Vice President and head of new business, Neil Trinidad shared how GCash is constantly innovating to help MSMEs unlock their business goals through various safe and accessible digital financial services.

“We have something in the pipeline which is the GInsure for Business. It’s a way for MSMEs to be able to provide insurance plans for their employees. We will be working with different insurance providers, on-boarding them and making their services available on the app, so that businesses can now avail of it for their employees. That is happening very soon so watch out for that space,” Trinidad said.

To further help MSMEs manage their funds, GCash also offers GSave, a digital savings account within the app that offers a higher savings rate of up to 2.6% per annum, compared to traditional banks, and lets users access their money 24/7 anytime, anywhere.

GCash head of wealth management Jong Layug reiterated the role of GCash in helping MSMEs bounce back from the pandemic.

“With GSave, entrepreneurs can ‘park’ their operating money so it’s earning interest and at the same time have real-time access to it, so they can use it to pay for their expenses. As MSMEs they accept payments through GCash and avail of loans through GCash – everything is there,” Layug noted.

To start saving up, users can just go to the GSave feature within the GCash app and select their preferred bank, then they need to provide additional information before they can finally open their savings account.

Entrepreneurs who need quick additional funds can also access fast cash loans though GLoan, where they can borrow up to Php50,000 repayable in up to 12 months with low-interest rates. It’s also available within the GCash app under the GLoan feature and is automatically unlocked for users who have a high enough GScore.

Aside from ramping up digital services for MSMEs, GCash has also been doubling down on its core mission of “Finance for All”.

Tony Isidro, CEO of Fuse Lending, the company behind the lending solutions of GCash said while the company has been able to provide quick funds for micro to small entrepreneurs through GLoan and GCredit, GCash’s lending products have also been helping bridge the gap for those who do not have access to formal credit.

“Our loan products target those who are currently under informal loans and for the most part, our countrymen who are in the lower-income classes. We continue to educate them and give them access to loans. We do offer loans that are up to Php50,000 but on the other end of the spectrum would be loans that are Php5,000, Php6,000, even Php4,000 which really address the needs of those in the lower socioeconomic class,” Isidro said.

With its clear vision of promoting financial inclusion, GCash sets its sights on creating more game-changing and innovative financial services to give more Filipinos access to basic financial services — in the process, also helping the Philippines build a more robust digital economy.

For more information, visit www.gcash.com