Luvit launches financial inclusion push

A new financial technology platform is eyeing millions of Filipinos excluded from traditional banking and representing one of the country’s biggest untapped markets, as Luvit formally launched its digital credit service aimed at expanding access to flexible payments.

At the Luvit media launch on Wednesday, 6 May at the Discovery Suites, Pasig City, executives behind the platform positioned Luvit not just as another artificial intelligence-driven fintech product, but as a broader financial inclusion initiative targeting Filipinos struggling to qualify for conventional credit cards.

“We want to have a card, an access card. A card that gives us the flexibility to pay. But sometimes it’s just so hard. You ask for a lot of documents,” said Francisco “Coco” Mauricio, president and chief executive officer of WeFund Lending Corporation.

Formal credit access remains limited

He noted that access to formal credit remains limited across the country despite strong consumer demand for borrowing and digital payment tools.

“Over 90 percent of Filipinos don’t have a financial card, whether virtually or physically, to have flexible payment terms,” he said.

Mauricio argued that the strict requirements imposed by traditional lenders continue to leave many Filipinos outside the financial system.

“Traditional financial institutions are very strict. And I can understand why they’re very strict. They really want to limit the risk. Almost zero risk,” he said.