CIMB Philippines Bank teamed up with Lalamove in order to offer convenient access to credit to partner drivers via the Buy now, pay later (BNPL) product offering, called REVI credit.
This partnership will allow Lalamove’s partner drivers to quickly access credit for their daily needs and emergencies thanks to a revolving line of credit of PHP 250,000.
Via REVI Credit, Lalamove’s qualified or approved partner drivers benefit from greater flexibility in accessing and using the credit offered to them. They are able to quickly pay their bills and soon offer products online on credit or through payment options over time.
REVI also allows them to withdraw money from their line of credit to their CIMB Bank savings account. They are also able to convert up to 70% of their credit limit into a term loan, which they can repay on flexible terms as well as at competitive interest rates.
The application process is fully digital and only takes a few minutes, the announcement revealed.
As an added benefit, the partnership also involves CIMB Bank Philippines offering individual accident insurance coverage up to PHP 50,000 free of charge to eligible drivers of Lalamove partners.
CEO of CIMB Bank Philippines Vijay Manoharan declared:
“We all seek to constantly innovate to provide meaningful digital financial solutions that meet a real need and solve the problems of Filipinos, especially those in the informal economy, where access to credit is so difficult. The partnership with Lalamove is a step in this direction.
“We want to help hard-working Filipinos, like Lalamove’s partner drivers, have easier access to credit so they can better meet their needs, move forward and earn more for themselves and their families. We are able to do this through an innovative solution in the form of REVI Credit, which is also CIMB’s Buy Now Pay Later product.
Dannah majarocon, the general manager of Lalamove, noted:
“Many of our partner drivers often need emergency cash, typically for unforeseen medical, accidental and personal emergencies. With them having access to REVI credit, and of course, insurance, our partner drivers can breathe more easily. They will always have something to tap into in the event of unforeseen needs.