FINANCIAL technology player GCash has disbursed P5 billion in loans through GCredit, its digital credit facility, providing over 550,000 Filipinos access to credit lines since it was first introduced two years ago.
Martha Sazon, the company’s president, said her group saw a huge increase in the usage of GCredit, especially when the community quarantines were imposed in different parts of the country.
To further scale the service, Sazon said her group has partnered with CIMB Bank Philippines, expanding its current strategic partnership with the digital bank.
“We are happy to announce that with the full support of CIMB Bank Philippines, we can scale up GCredit to reach more customers who are in need of micro loans. This helps accelerate our vision of providing finance for all, which we at GCash have been pushing for the last decade,” she said.
GCredit is a digital credit facility available in the GCash app. It works like a flexible loan or credit card.
“We at CIMB Bank Philippines are happy to strengthen our strategic alliance with GCash, the number one mobile wallet in the country. We believe that through our partnership, we will be able to further reach more Filipinos to help them save, gain access to credit, and manage their finances with us,” CIMB Bank Philippines CEO Vijay Manoharan said.
As this developed, GCash also saw transactions ballooning by 700 percent year-on-year, driven by bank cash-in and online payments, during the month of May.
“The pandemic has forced all of us to adopt digital solutions such as GCash to protect us from contracting the virus. The steady uptrend on transactions using GCash shows that Filipinos are now being more dependent on digital solutions and they prefer to use the GCash platform to pay for these services,” Sazon said.