Loans disbursed under GCash exceed 2.5 billion pesos
E-WALLET GCash on Monday said it has granted more than 2.5 billion pesos in cash loans in the past 10 months since the launch of GLoan, reflecting the high demand for affordable and fair lending rates among Filipinos.
In a statement, GCash said that by offering low and easy payment schemes, GLoan allows pre-qualified users to take out loans of 1,000 to 50,000 pesos.
The amount is payable in five, nine or 12 months, without any other requirement. GLoan uses the internal GScore trust platform to verify a borrower’s ability to pay.
“We want to make loans more accessible to consumers to prevent them from becoming victims of informal lenders who typically charge predatory rates. We want Filipinos, especially the unbanked, to have access to funds whenever they need it,” said Martha Sazon, president of GCash. and CEO.
Meanwhile, GCash’s “buy now, pay later” proposition, GGives, has disbursed 345 million pesos from December 2021 to May 2022 from 85,000 merchants since the introduction of its accessible remittance offering.
A popular financing option among Filipinos, “buy now, pay later,” allows consumers to make immediate purchases without cash or credit cards.
GLoan and GGives are part of the priority activities of GCash. The mobile wallet has already partially deployed the $300 million in funding it secured late last year to expand its lending operations, improve the platform and further grow the business.
“We have not fully deployed the capital raised, and we plan to do so by further investing in our lending initiatives, wealth management aspirations and digital ecosystem in rural areas of the country,” said Sazon.
The statement also states that approximately 83% of the adult population of the Philippines, or 60 million Filipinos, now trust GCash.
Its merchant and social seller base had also grown to five million, 2.7 times more than in the first quarter of 2021, making GCash the largest cashless ecosystem in the Philippines.
GCash is a holding company of 917Ventures, a wholly owned subsidiary of Globe. GCash is part of the Globe Group to support the United Nations Sustainable Development Goals (SDGs), in particular SDG 9, highlighting the role of infrastructure and innovation as key drivers of economic growth and development. development.