Fintech company Digido said Wednesday it has provided financial access to over one million Filipinos on its digital app in 2023.
Digido business development manager Rose Arreco said the significant milestone is a reflection of how fast the Philippines is accelerating its financial inclusion programs through modern, digital means.
“We view this milestone as both an achievement and challenge, spurring us further to meaningfully contribute to the country’s digital transformation through increased access to formal credit,” she said.
Digido posted a 23 percent growth in total loans disbursed in 2023 compared to 2022. About 75.4 percent of the loans released in 2023 were from repeat borrowers, indicating considerable brand loyalty.
Digido’s recently-released commissioned survey revealed that personal loans were the most popular formal credit option across demographics and areas in 2023.
Formal credit options have been more accessible for eight out of 10 Filipinos last year.
“We are firm in our mission to ensure every hard-working Filipino should have access to convenient and secure financial tools. As we endeavor to celebrate more milestones in the future, we will do so by ensuring we strive for innovation and find creative means to delight even more customers,” Arreco said.
Digido has become a trusted financial partner for the Philippines’ underserved, with its platform designed to offer a seamless and efficient process for obtaining cash loans for persons that have limited access to traditional financial services.
Digido offers a First Loan For Free service, where first-time borrowers can avail up to P4,000 with zero percent interest and a standard personal loan up to P25,000 for repeat clients.
The fintech firm has received 13 awards in 2023, among them The Digital Banker’s Global Retail Banking Innovation Awards, Pan Finance and the Global Banking & Finance Review.