Tonik, the pioneering digital bank in the Philippines, has expanded to Cebu, bringing innovative banking solutions to the region. This expansion aligns with Tonik’s vision of enhancing financial inclusivity across the country.
Cebu residents can now access Tonik’s full range of products, including the Shop Installment Loan. Previously only available in Luzon, this loan lets customers purchase home appliances and gadgets with minimal monthly payments. At a recent launch, Tonik’s Founder and President, Greg Krasnov, expressed excitement about serving Cebu, aiming to democratize banking with solutions tailored to everyday Filipino needs.
“Our goal has always been to democratize banking and provide innovative solutions that cater to the everyday needs of Filipinos. With the rollout of the Shop Installment Loan in this beautiful region, we believe we are taking a significant step towards achieving that goal.”
Greg Krasnov, Founder and President of Tonik
Cebu’s position as the second-largest financial market in the Philippines makes it a strategic location for Tonik. The expansion is expected to drive Tonik’s growth and expand its Point of Sale (POS) network, which has already increased fivefold this year. This growth solidifies Tonik’s position as the leading credit-led digital bank and a consumer lending leader in the country.
Alongside the Shop Installment Loan, Cebu residents can enjoy high-interest savings accounts, easy bill payments, quick loans, and a smooth mobile banking experience. Tonik aims to empower locals to manage their finances efficiently and securely, contributing to the region’s financial well-being.
The Shop Installment Loan will be available at select Cebu retailers initially, with plans to expand by Q4 2024. Tonik remains committed to transforming the financial landscape in the Philippines, bringing accessible and innovative banking solutions to more Filipinos.