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Closing the credit gap: PayMongo and GoTyme launch loan product for MSMEs

PayMongo Philippines has introduced PayMongo Capital, a lending product tailored for micro, small, and medium enterprises (MSMEs).

In partnership with GoTyme Bank, this initiative aims to bolster support for entrepreneurs within the MSME sector.

Elmer “Jojo” M. Malolos, president and CEO of PayMongo, said the program was designed to “address the credit gap among MSMEs.”

Albert Raymund O. Tinio, co-CEO and chief commercial officer of GoTyme Bank, expressed optimism about the collaboration with PayMongo, saying, “Going into loans is a big step for GoTyme Bank, and we are optimistic that with the partnership with PayMongo, we will be able to give SMEs the best customer service and peace of mind.”

Tinio further explained the lending process. “You start off with PayMongo, creating data that becomes the proxy for your credibility to borrow and pay back. When you pay back in a timely manner, you’ll be eligible for more. It’s not a ‘one-time, big time.’ It’s about creating a long relationship that will help the merchant grow their business in a sustainable manner.”

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