Pinoys embrace technology for credit needs

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    If the performance of this lending company is a gauge, Filipinos may have come a long way in financial literacy via technology.

    The Philippine operations of the Prague-based company Home Credit reported yesterday it has served 7 million clients in its 7 years of operations in the country.

    It now has about 2.2 million active users on its mobile app and 7,200 store-partners nationwide Sheila Paul, Home Credit Philippines chief marketing officer, said its clients have transitioned fast from 2019 following the pandemic, acknowledging how the company has quickly embraced digital technology to reach more customers.

    Paul said the company has shortened to a minute the approval time for lenders and to less than a minute the disbursement of loans, enabling clients to access funds almost instantly.

    From pioneering the in-store financing of mobile phones and other gadgets and commodities with minimal requirements in 2013, Home Credit in 2018 became the first non-financial institution to issue a credit card. It also has its own Marketplace which it eyes to hit 1 million visits before the end of the year.

    “The pandemic has intensified the demand for online and mobile financial solutions, and we don’t see this slowing down anytime soon,” Paul said at a virtual forum.