by Jan Michael Carpo, Reporter
Skyro, a trailblazer in the Philippine fintech industry, has achieved a remarkable milestone, disbursing over P5.2 billion in consumer loans by September 2024.
This achievement underscores the company’s commitment to advancing financial inclusion, particularly in underserved rural communities, while solidifying its position as a key player in the country’s fintech landscape.
The company’s loan disbursements have soared by an impressive 190% in just over two years, or since its launch in August 2022, reflecting the company’s ability to meet the financial needs of Filipinos nationwide. With its emphasis on providing accessible and innovative financial solutions, Skyro has empowered individuals and communities, driving economic growth and bridging gaps in access to essential financial services.
Bringing banking to the unbanked
In an exclusive interview with FintechNewsPH.com in June this year, Nasim Aliev, Skyro’s co-founder, and co-CEO, shared some insights and trends on fintech as well as the company’s plans for future expansion and product offerings.
He shared that his company keeps a keen eye on putting in efforts to address the country’s unbanked and underbanked. “Putting efforts into the underbanked sector creates moral satisfaction. When you say unbanked, it means no one has ever touched the bank. While underbanked, these people may have touched the bank, but the services are not designed for them. It is too difficult; people may have access, but it may not be reachable,” he said.
One key trend he noted is the extensive use of digital wallets by those considered “underbanked.”
“For example, 60 per cent to 70 per cent of our customers are okay with receiving their loans through the bank, but they pay us with GCash. The convenience of GCash is quite high, which is what we observed. They have banks but most of the time, they are not being used,” he noted.
As of September 2024, the company supports over 270,000 active loan users through a network of more than 4,500 partner merchants across the Philippines.
While the South Luzon region, particularly Calabarzon, remains a major hub for Skyro’s customers, the company is steadily growing its presence in Mindanao and the Visayas, areas often underserved by traditional financial institutions.
“We are gradually broadening our scope to address the various financial requirements of Filipinos nationwide,” said Aliev. “Our focus is shifting toward emerging regions like Mindanao and the Visayas, where we aim to provide greater access to flexible financial solutions, empowering more communities and fostering growth in these key areas.”
The company’s ability to deliver its services even in remote areas stems from its cutting-edge digital banking platform. Accessible through mobile apps, the platform’s user-friendly interface ensures that even first-time borrowers can easily navigate the lending process.
Innovations that transform lives
Skyro has set itself apart with groundbreaking products designed to adapt to customers’ unique needs. Among its latest innovations is the Skyro Flexi, introduced in mid-2024.
This feature allows users to customize their loans by adjusting due dates and monthly payments directly within the app.
“The company is establishing a new benchmark in digital lending,” Aliev remarked. “By offering this level of flexibility, we empower customers to manage their financial obligations in a manner that aligns with their unique circumstances.”
Another standout offering is Skyro Pocket, a recently launched online credit line that combines convenience and flexibility. With Skyro Pocket, customers can shop at participating merchants using QR Ph codes, ensuring seamless payments and accessible credit.
These innovations have garnered widespread praise for their adaptability and customer-centric approach, reinforcing the company’s reputation as a fintech leader in the Philippines.
A holistic approach to financial inclusion
Skyro’s efforts extend beyond product innovation. The company actively engages in data sharing and monetization, adhering to strict data privacy regulations. This strategy enhances the likelihood of loan approvals while fostering inclusivity for unbanked and underserved populations.
The fintech giant also prioritizes transparency and trust. From swift approval processes to clear terms and conditions, Skyro ensures that customers can make informed decisions about their finances.
Looking ahead, the company aims to expand its footprint further while continuing to innovate. “In the upcoming year, we envision helping Filipinos with every critical aspect of their daily lives, whether that means acquiring high-value goods or meeting basic needs,” Aliev shared.
With a steadfast focus on empowering communities and driving economic progress, Skyro is poised to play an even greater role in shaping the future of financial inclusion in the Philippines.
As the company surpasses the P5.2 billion milestone, it not only celebrates its achievements but also reaffirms its mission to make financial services accessible to every Filipino, regardless of their location or financial status.
About Skyro:
Skyro is one of the Philippines’ fastest-growing fintech companies, offering innovative digital banking solutions that promote financial inclusion. From product loans to credit lines, Skyro is committed to delivering accessible and flexible financial tools that meet the diverse needs of Filipinos across the nation.