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March 05, 2024

Tech firm and microfinance business target unbanked sari-sari stores

Homegrown technology firm Thepack Solutions Inc. (Packworks) and microfinance business 1Sari Financing Corp. have entered into an agreement to provide “secure, reliable, and affordable inventory financing services” to over 270,000 unbanked sari-sari stores across the Philippines.

This collaboration allows these stores to access a starting credit line of P2,500 through 1Sari’s inventory financing product, which will be available as an in-app service for Packworks’s partner stores.

The partnership is designed to address the lack of financial tools for sari-sari stores, particularly crucial as the Christmas season approaches, and aims to empower micro-enterprises that often face challenges in accessing traditional financial institutions.

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