CIMB Bank PHL to provide credit to Lalamove drivers

CIMB Bank Philippines announced on Thursday that it has partnered with Lalamove Philippines Inc. to provide a digital revolving credit access to the latter’s drivers for day-to-day needs and emergencies.

With the partnership, qualified Lalamove drivers can get a revolving credit line of up to P250,000, which can be converted into cash or a term loan, use it to pay bills, and soon, shop online through a virtual debit card, at low interest rates, Lalamove’s statement reads.

“We are all about consistently innovating to provide meaningful digital financial solutions that address a real need and solve pain points for Filipinos, especially those who are in the informal economy, where access to credit is just so difficult,” CIMB CEO Vijay Manoharan was quoted in the statement as saying.