Filipinos spent nine years’ worth of time using digital lending apps in 2022. An analysis of 10 lending apps in the country confirms.
Consumer credit service data Didi We investigated consumer engagement with some lending apps in the Philippines.
The 10 apps analyzed as part of the report were Kasha, Cachalot, good credit, Pesoroan, Plentina, Pella 247, una cache, Upeso When Vidaliain parallel with Digido’s analysis of its own data.
screening time
Through 2022, consumers spent a total of 75,305 hours, or nine years, in one or more of these 10 apps, according to the survey results. The average monthly session duration for these apps ended at 12 minutes and 46 seconds, and his one session per user was 1 minute and 14 seconds.
download
As of December, the Collective has amassed 14.2 million downloads, representing 3.4% of total downloads from the financial category across all devices and platforms. This is 3.7 million downloads more than the figure recorded in December 2021, a 35.2% increase.
active user base
By late 2022, 2.3 million active users who have logged into an app at least once will engage with at least one platform.
This means that about 3.2% of the country’s population over the age of 18 are familiar with fintech lending apps. That means 1 in 30 adult Filipinos accesses the services of 10 digital lending platforms at least once a month. .
Digido Country Manager, Farit Shakirovdescribes the findings as “clearly demonstrating that responsible credit services continue to be an effective means of breaking down inequalities in access to financial tools.”
“We are encouraging the broader segment to continue promoting responsible lending,” Shakirov added.
Expanding Loan Coverage in the Philippines
Significant spikes in user login activity in 2022 occurred in March, July, and November, largely due to the positive dynamics of platform and small business collaboration.Small businesses make up nearly 36% of his country’s GDP.
This is because lending and savings services operating in the country are increasingly recognized as enablers of digital finance. RoboCash Group.
The presence of ongoing promotions, favorable terms, and the introduction of specialized loan products for entrepreneurs has created a lending-friendly environment for fintech to thrive.
Digido notes that the country’s SME sector remains underfunded, limiting its ability to continue to grow and develop.
Creating true financial inclusion
Commenting on these findings, a company spokesperson said:
As such, Digido projects that its current average annual active users will grow from 1.9 to 2.6 million to 2.9 million, an increase of approximately 36% to 50%, and could reach the 3.4 million level by December 2023. doing.
The spokesperson continues:
“Furthermore, based on national data, the digital lending segment in the country remains a small percentage. Tell Digido that you are
“National data also suggest that employment has recovered from the Covid-19 disruptions. improve,” they conclude.