GCash’s Loan Disbursements Reached PHP 50 Billion in 2022by Fintech News Philippines March 14, 2023
Philippines’ mobile wallet GCash reports that its loan disbursements had reached PHP 50 billion in 2022 though its GCredit offering.
GCash credited the growth of its loan book to its credit affiliate Fuse Lending, a consumer and business lending marketplace.
Fuse Lending has been leading GCash’s lending initiatives through three products; GCredit, which is in partnership with regional banking giant CIMB Bank, GGives, and GLoan.
GCredit gives GCash users an accessible credit line that can be used in QR-based, online, and bills payments. Meanwhile, GGives is a buy now, pay later (BNPL) product that enables customers to purchase from their favorite brands and pay later through easy installments.
Lastly, GLoan offers an affordable and convenient way to borrow money with users getting cash directly in their wallets after a few taps on their phones.
In line with its financial inclusion goals, GCash is preparing to launch special loans for underbanked individuals like farmers and even sari-sari store owners.
GCash will also be launching Borrow Load – a feature that would allow customers to borrow prepaid credits for all major networks, introducing them to the concept of borrowing with ease.
“To further grow our lending business, GCash is planning to introduce its lending products in Paleng-QR Ph transactions, wherein our customers can use their personal credit line when transacting in public markets. This year, eligible customers can also avail of 0% installment payments in select merchants through GGives,”
said Tony Isidro, Chief Executive Officer of Fuse Lending.
“As we see a banner year for our lending business, our 76 million users can expect more financial solutions from GCash as we continue to strive giving underserved individuals access to fair loans that spark better everydays for all Filipinos,”
said Martha Sazon, President and CEO of GCash.