Digi-lend applications are booming in 2022

A new report from consumer credit service Digido Finance Corp. The year 2022 saw about 2 million active users in the Philippines spending a total of 75,305 hours, or the equivalent of nine years, using digital lending applications (digi-lend).

In its analysis of 10 digital lending platforms operating in the Philippines that have apps in app download centers, including Digido, it revealed that these companies had a total of 14.2 million downloads as of December, accounting for 3.4 percent of the total downloads from financial categories across All devices and all platforms.

“Our recent analysis of specific digital lending services is a clear indication that responsible credit services remain an effective means of breaching inequality in access to financial instruments. We encourage the wider sector to continue promoting responsible lending,” said Farit Shakirov, Regional Director at Digido.

There were about 2.3 million active users of at least one of those 10 platforms, those who logged in continuously to the app at least once during the past six months to December 2022, representing about 3.2 percent of the Filipino adult population aged 18 and over. Estimates for 2022 by the United Nations.

In other words, 1 in 30 Filipino adults gets access to the services of 10 digital lending platforms at least once a month.

The average monthly duration of a session using these applications ended up with 12 minutes and 46 seconds, while the duration of one session per user was 1 minute and 14 seconds.

Large bursts of user login activity in 2022 occurred in March, July and November, mainly due to the positive dynamics of some platforms working with small and medium-sized businesses, which account for nearly 36 percent of the country’s economy. Possible reasons for such increases include ongoing promotions, favorable conditions, or the launch of specialized loan products for entrepreneurs.

Digido notes that micro, small, and medium businesses remain severely underfunded and limited in their ability to continuously grow and develop, which only increases the potential for penetration of digital lending platforms.

Digido is part of the larger Robocash Group headquartered in Singapore, serving millions of customers worldwide across major markets in Europe and Asia.

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