FE Credit partners with VNPost to improve financial inclusion in Vietnam
FE Credit partners with VNPost to improve financial inclusion in Vietnam
FE Credit has officially extended its distribution network in rural areas by co-operating with Vietnam Post Office to launch its new sales channel through post office branches nationwide, giving unbanked people the opportunity to access financial services.
With a desire to bring legal credit to more people in rural and suburban areas while raising the awareness and knowledge of people on consumer finance, FE Credit has expanded its co-operation with Vietnam Post Corporation (VNPost), a network of nearly 10,000 post offices nationwide, to implement many comprehensive and flexible consumer lending packages.
FE Credit has been co-operating with VNPost through two main services: loan disbursement and loan repayment.
Since January 2019, VNPost has been co-operating with FE Credit to provide new loan application services.
Customers can now come to their nearest post office to apply for a loan or look for any financial solution with full assistance from VNPost staff.
The procedure is easy as it only requires simple documents such as a national ID, driving license, and utility/phone/internet bills, and comes with faster processing time. The loan amount can be up to VND70 million ($3,050), which offers an easy money source for customers’ business and other needs.
According to Tran Chi Trung, head of the Postal Financial Services Department at VNPost, most people in rural areas have restricted access to mass media and are more likely to be attracted to black credit which is always difficult to pay back because of extremely high interest rates and debt collections often threaten the safety of their life.
“Through this co-operation between FE Credit and VNPost, people can now visit their nearest post office to apply for a loan or look for a suitable financial solution with simple procedures and fast processing time, which also contributes to gradually pushing back black credit, especially in rural areas where most people have below-average income and cannot access basic financial services without proof of income or collateral,” Trung said.
Nguyen Trong Phu, Affluent Partnership Centre director at FE Credit, said, “Although our distribution network has been expanding, we feel that we still have a long way to go to meet the demands of the large number of people in remote areas. Therefore, expanding the network in rural areas is inevitable and is also the reason FE Credit strengthens its co-operation with VNPost to bring effective, safe, and convenient financial solutions to more Vietnamese people.”
This co-operation not only increases the coverage of FE Credit’s distribution network nationwide, but also enhances convenience in providing financial services for customers. The company focuses on modern technologies in its operating system and deploys digital lending platforms to help shorten the entire loan process.
It takes only 15 minutes from registration to loan approval and the loan is disbursed within 24 hours. This is also one of the efforts of FE Credit to fight back black credit, which is currently causing significant social distress.
FE Credit will continue its partnership with VNPost and bring out more promotions to get customers closer to consumer finance to improve their quality of life.
