Digi-lend apps roar in 2022
ANEW report from consumer credit service Digido Finance Corp. showed 2022 saw some 2 million in active users in the Philippines spending a total of 75,305 hours, or equivalent to nine years, in using digital lending (digi-lend) applications.
In its analysis of 10 digi-lend platforms operating in the Philippines that have applications in application download hubs, including Digido, reveal that these companies have a combined total of 14.2 million downloads as of December, representing 3.4 percent of the total downloads from finance categories across all devices and all platforms.
“Our recent analysis of select digital lending services is a clear indication that responsible credit services continue to be an effective means of breaching inequality in accessing financial tools. We encourage the wider segment to continue in promoting responsible lending,” Digido Country Manager Farit Shakirov said.
There were some 2.3 million active users of at least one of those 10 platforms, those who have consistently logged into the application at least once over the past six months to December 2022, is approximately 3.2 percent of the Philippine adult population aged 18 and over by 2022 estimates by the United Nations.
In other words, one in every 30 adult Filipinos gains access to the services of 10 digital lending platforms at least once a month.
Average monthly duration of use session of these apps ended at 12 minutes and 46 seconds while duration of one session per user was at one minute and 14 seconds.
Significant bursts of user login activity in 2022 occurred in March, July and November, mainly due to the positive dynamics of certain platforms working with small and medium-sized businesses, which account for approximately 36 percent of the country’s economy. Possible reasons behind these surges include ongoing promotions, favorable conditions or the launch of specialized loan products for entrepreneurs.
Digido observes that micro, small and medium-sized companies are still heavily underfunded and limited in their ability to continuously grow and develop, which only increases the potential for the penetration of digital lending platforms.
Digido is part of the larger Singapore-headquartered Robocash Group, which is servicing millions of clients across the globe across key markets in Europe and Asia.