Tuesday
August 11
2020

U.S.-Based Fintech Venio Launches Developing World-Focused Smartphone App to Make Nano Loans

By Andrei Skvarsky

New York-based financial technology company Venio has developed a smartphone app for making nano loans, primarily for people in developing countries who do not use banks, and has launched the device in the Philippines.

The app is expected to promote financial inclusion by giving unbanked people access to financial services that are normally closed to those who are not bank clients but are more important now than ever before for ordinary people in the developing world because of Covid-19.

The app is the first-ever smartphone-based nano lending service for developing countries, Venio said in a statement.

Photo courtesy of lau rey.

Source: EmergingMarkets.me (link opens in a new window)

Categories
Coronavirus, Finance, Technology
Tags
coronavirus, digital payments, emerging markets, financial inclusion, financial services, fintech, global development, microlending, microloans, mobile payments