^

Freeman Cebu Business

GCash loans hit P2.5 billion few months after launch

Ehda M. Dagooc - The Freeman

CEBU, Philippines —  Ten months after GCash introduced its cash loan feature, the eWallet platform reported to have released a total of P2.5 billion cash credits to its app users.

“We want to make lending more accessible to consumers to prevent them from becoming victims of informal lenders who usually charge predatory rates.  We want Filipinos, especially the unbanked, to have access to funds whenever they need it,” said Martha Sazon, GCash President and CEO.

According to Sazon, the strong loan take up reflects the high demand for affordable and fair lending rates among Filipinos.

Offering low and easy payment schemes, GLoan allows pre-qualified users to take loans from P1,000 to P50,000.  The amount is payable in five, nine or 12 months, with no other requirements needed. GLoan uses the in-house trust platform GScore to check a borrower’s ability to pay.

Meanwhile, GCash’s “buy now, pay later” proposition GGives has disbursed P345 million from December 2021 to May 2022 with 85,000 merchants since its accessible installment offer was introduced.

A popular financing option among Filipinos, “buy now, pay later” allows consumers make immediate purchases without cash or credit card.

GLoan and GGives are among the priority businesses of GCash.  The mobile wallet has already partially deployed the USD$300 million funding it secured late last year to grow its lending operations, improve the platform, and further scale the business.

“We have not fully deployed the capital raised, and we plan to do so by further investing in our lending initiatives, our wealth management aspirations, and the digital ecosystem in rural areas in the country,” Sazon said.

About 83 percent of the Philippines’ adult population, or 60 million Filipinos, are now placing their trust in GCash. Its merchant and social seller base have also grown to five million, 2.7 times higher than the first quarter of 2021, making GCash the largest cashless ecosystem in the Philippines.

GCash is a portfolio company under 917Ventures, a wholly-owned subsidiary of Globe.  GCash is one with the Globe Group in supporting the United Nations Sustainable Development Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development.

GCASH

Philstar
  • Latest
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with