Starting next month, farmers can already apply for loans which could help them finance and increase their farm production, through the country’s first mobile-based digital agricultural crop loan service offered by thrift bank Producers Savings Bank Corporation (Producers Bank) via Lendr, FINTQ’s digital lending platform.
By signing up and availing of the Mobile Crop Loan product via Lendr, farmers will have a more convenient source of financing for crops and seed types, including palay (hybrid and inbred seeds), sugar (rattoon and sugar cane seeds), onion and corn.
“This collaboration with Producers Bank shows the true importance of digital technology in leveling the playing field for everyone. Through Lendr, we are planting the seeds of innovation so farmers even in the most remote locations are given equal opportunities to grow their ventures and contribute to the thriving local economy,” said Manuel V. Pangilinan, chairman of PLDT, Smart and Voyager Innovations.
Lendr is a product of FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
“The Bangko Sentral ng Pilipinas welcomes this development in starting the journey towards digitizing lending for the agriculture sector. This is well aligned with the government’s thrust of promoting responsive and responsible banking. Ultimately, technology will bring about inclusive growth and development. It likewise promotes speed, convenience, cost efficiencies and transparency benefitting customers even at the bottom of the pyramid,” said BSP Deputy Governor Nestor A. Espenilla, Jr.
Lendr allows its users to look and apply for various loan products using only their mobile devices. Through this digital mobile lending platform, users can choose a loan product, fill up an application form, submit their requirements and get notified regarding the approval of their loan application all within their mobile device.
“By enabling banks with their digital transformation, we enable more people to take part and benefit from the growing digital economy,” said Lito Villanueva, Managing Director at FINTQ.
FINTQ’s various telco-agnostic digital lending platforms–which include Lendr, Mobile Loan Saver (with LANDBANK), and micro-lending Pera Agad (with Cash Credit)–helped disburse more than P18 billion worth of loans since 2015 to over 120,000 borrowers, 70% of which are from outside Metro Manila.
Through its platforms, FINTQ currently has loan transactions coming from all 81 provinces, 90 percent of the 145 cities and eight percent of the 1,490 municipalities. Lendr, FINTQ’s pioneer product, has more than 30 banks and non-banks in various stages of onboarding.