GCash Disbursed Record US$2.1 Billion in Loans Last Year, Doubling 2022’s Figures

GCash Disbursed Record US$2.1 Billion in Loans Last Year, Doubling 2022’s Figures

by February 8, 2024

Globe Fintech Innovations, Inc. (Mynt) operated GCash has disclosed its performance metrics for the year 2023, revealing a notable increase in disbursement of loans. The online banking platform reported disbursing loans totalling P118 billion (approximately US$2.11 billion), more than doubling from the P50 billion (US$895 million) disbursed in 2022. This information was shared during a media briefing by Globe Telecom Inc. yesterday.

The platform facilitated access to credit for over 3.9 million unique borrowers throughout the last year, with a considerable number of these individuals belonging to the lower socio-economic brackets. This development indicates GCash’s role in enhancing financial accessibility for underserved communities.

In addition to its loans services, wealth management offerings from GCash have also seen growth. The GSave service now counts 9.5 million registered users, while GFunds, its investment platform, has attracted 5.8 million users. Insurance products through GCash, including 16.3 million policies sold and four million registrations for GInsure, illustrate the platform’s broadening scope in financial services.

Data from Mynt shows that GCash has been tried by over 94 million Filipinos, with 94% of the country’s fintech app users engaging with GCash. The platform supports a network of six million merchants and includes 900 merchant partners in GLife, its lifestyle feature.

The recent introduction of the GCash Visa card in October 2023 has garnered one million users, offering enhanced rates and payment convenience in over two hundred countries and territories.

Tek Olaño

Tek Olaño

Tek Olaño, Mynt’s Chief Finance Officer, outlined the company’s plans for international expansion, aiming to launch GCash in ten more countries within the quarter, targeting regions with significant Filipino populations.

“We’re very bullish about the international space. We continue to expand our international services to cater to more Filpinos abroad as we launch GCash overseas to 10 more countries across the quarter,” said the Mynt CFO.

Mynt reported a 193% increase in its equity earnings for 2023, totalling P2.37 billion (US$42,4 million). Globe Group’s share of these earnings was P2.4 billion (US$42.9 million), accounting for 7% of its net income before tax for the year.

These figures present a snapshot of GCash’s operational progress in 2023, reflecting its ongoing efforts to extend financial services to broader segments of the population.