New developments in the Filipino financial landscape are encouraging for the growth of digital lending, savings deposits and mobile money as fintech sectors in the Philippines, Robocash analysts have concluded.
The Robocash Group operates in the Philippines through online credit service Digido, along with a financial mobile app UnaCash. The company looked at data in the latest Global Findex* and added its own research insights to come up with the observations.
Key Global Findex highlights for the Philippines include:
- The number of people in the Philippines with bank accounts has increased by 1.5x to 51.4% of the population.
- Of those with bank accounts, credit and debit card owners grew threefold to 15.9% of all account holders.
- Mobile bank account holders grew five-fold, to 21.7% of all account holders.
- More people are borrowing from as well as saving at financial institutions, with loans growing from 10.7% to 17.5%, and savings from 11.9%-19.2%.
*The Global Findex is a global survey done every four years by the World Bank. It tracks the development of financial inclusion and digital finance in the world. The 2021 edition was released in June 2022, and highlighted significant improvements in developing countries.
No comments:
Post a Comment