CIMB BANK Philippines, Inc. on Tuesday said it reached two million customers on its revolving credit line GCredit, which is available on GCash, in April.
With this, GCredit raised its credit limit in April to P50,000 from P30,000, and lowered the minimum amount due to 10% of customers’ principal balance from 15%, it said in a statement.
“CIMB has always been committed to providing financial solutions that are convenient, accessible and provide real value,” CIMB Chief Executive Officer Vijay Manoharan said. “GCredit is a testament to this mission.”
The partnership with GCash helps drive financial inclusion, he added, noting that the higher credit limit and lower minimum amount due makes GCredit more accessible to Filipinos.
These would also reduce financial stress and allow flexible terms that customers have come to associate with GCash, GCash President and CEO Martha Sazon said.
CIMB said GCredit could be activated without the need for income documents, and could be used for cashless payments in all GCash QR-accepting merchants, bill payments and online purchases in selected e-commerce merchants.
GCredit has been powered by CIMB since April 2021. The bank’s assets stood at P30.258 billion at the end of last year, according to data from the central bank. — Aaron Michael C. Sy