Pennywise online lending gains

FILIPINOS has moved into digital lending with a vengeance, lending platform Digido said on Monday, after spending a total of 75,305 hours – the equivalent of nearly nine years – using credit-specific apps in 2022.

Digido added that ten digital lending platforms with apps on the App Store or Google play totaled 14.2 million downloads at the end of last year, accounting for 3.4% of the finance category’s total downloads.

This was 2.2 percent higher than in November and a 35.2 percent increase over the previous year.

The total of 2.3 million active users — those who have logged in consistently at least once in the past six months — represent 3.2 percent of the Filipino adult population aged 18 or older, Digido continued.

In other words, 1 in 30 Filipino adults have accessed the services of digital lending platforms at least once a month.

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“Our recent analysis of selected digital lending services is a clear indication that responsible credit services remain an effective means of breaching inequality in access to financial instruments,” said Digido Country Director Farit Shakirov.

The average monthly usage duration was 12 minutes and 46 seconds while the duration per session per user was 1 minute and 14 seconds.

Significant login activity was found to have occurred in March, July and November, attributed to some of the platforms working with small and medium-sized businesses.

Digido said the increases could be due to promotions, favorable conditions, or the launch of specialized loan products.

He also mentioned that micro, small and medium enterprises are still suffering from a severe lack of financing and are limited in their ability to constantly grow and develop, which increases the opportunities for digital lending platforms.


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