Citi has expanded its joint social finance program with Home Credit by increasing its credit facility to P820 million, up from P420 million approved and drawn last May 2022.
The social finance facility is expected to promote greater financial inclusion for Filipinos in support of the mobile segment by enabling greater access to essential services like online banking, financial literacy, online education and entrepreneurial activities.
“This upsizing of the social finance facility by Citi underlines how Home Credit Philippines has lived up to its mission to deliver trusted financial services for Filipinos. We continue to innovate our products, processes, and services to push for financial inclusion in the Philippines,” said Zdenek Jankovsky, Director and Treasurer of Home Credit Philippines.
This transaction contributes to Citi’s $1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including micro, small, and medium enterprise (MSME) financing.
“Home Credit Philippines remains committed to provide credit access to all Filipinos through our consumer finance services and solutions. We are their ally, and we will continue to come up with ways to serve them through responsible lending as they build their home, lives, and dreams” said David Minol, chief executive officer of Home Credit Philippines.
