Peppermint gets key regulatory approval in the Philippines to offer bizmoPay loans
Peppermint Innovation have announced that the Securities Exchange Commission in the Philippines has granted Peppermint a financial lending licence, allowing it to offer alternative non-bank micro-enterprise loans to qualified bizmoto agents, registered bizmoto network members and enterprise platform partners.
The financial lending service – branded bizmoPay – fully complements the commercialisation of Peppermint’s proprietary technology platform which targets four key business sectors – mobile payments, eCommerce, delivery and logistics and mobile financial services.
A three-month pilot program will be rolled out to select bizmoto agents to ensure the back end of the bizmoPay system is fully integrated with the existing bizmoto platform and the application, approval and receival process is seamless.
Once the micro-enterprise loan service is operating seamlessly it will be made available to all 55,000+ bizmoto agents and every registered bizmoto network member who qualifies and undertakes to promote the wider adoption of bizmoto services and drives the use of the wider bizmoto ecosystem.
Funds to support the initial roll-out of bizmoPay’s operations were allocated earlier this year as part of Peppermint’s successful $2.5 million placement.
Alternative non-bank lending markets are growing rapidly in the Philippines where, according to the Bangko Sentral ng Pilipinas (the Central Bank of the Philippines), more than 70% of the adult population is still unbanked or underbanked.
Peppermint Innovation’s Managing Director and CEO Chris Kain said, “The award of our finance lending licence is a significant milestone in the Company’s strategy to provide an alternative non-bank micro-enterprise lending platform to the people of the Philippines.
“We are currently witnessing widespread mobile internet usage in the Philippines, with almost 86% of the population using internet via their mobile devices. We are also witnessing a growing number of Filipinos that are ready to access alternative non-bank finance through mobile phone App lenders.
“Our bizmoPay service will provide our 55,000+ registered bizmoto agents, network members and enterprise platform partners with a safe and seamless means of accessing micro loans to grow their individual enterprises without having to access a recognised bank.
“This is just further confirmation of Peppermint’s commitment to delivering an innovative technology solution to facilitate financial inclusion to the people of the Philippines, while also creating an opportunity for Filipinos to build a micro-enterprise and earn a living utilising our bizmoto App.”