GCash loan disbursements hit P50 billion with over 2 million borrowers

GCash attributed its strong performance to its credit affiliate, Fuse Lending, Inc.

 “We have already reached 2 million borrowers in the past year, providing many individuals with access to their first lending product from a legitimate financial institution. These include micro, small, and medium enterprises (MSMEs) like vendors in public markets as well as tricycle drivers,” Tony Isidro, the chief executive officer of Fuse Lending said in a statement.

He said GCash aims to keep the strong growth momentum of its lending business by introducing more innovations to democratize formal loans.  He cited the upcoming launching of Borrow Load, a feature that would allow customers to borrow prepaid credits for all major networks since the prepaid load is a fast-emerging top commodity among Filipinos.

 “To further grow our lending business, GCash is planning to introduce its lending products in Paleng-QR Ph transactions, wherein our customers can use their personal credit line when transacting in public markets. This year, eligible customers can also avail of 0% installment payments in select merchants through GGives,” Isidro said.

In line with its financial inclusion goals, GCash is also preparing to launch special loans for underbanked individuals like farmers and even sari-sari storeowners, Isidro added.

GCash President and CEO, Martha Sazon for her part said the company will be launching more financial solutions to serve millions of GCash users.

“As we see a banner year for our lending business, our 76 million users can expect more financial solutions from GCash as we continue to strive giving underserved individuals access to fair loans that spark better every day for all Filipinos,” Sazon said.

Fuse Lending has been leading the lending initiatives of GCash through three products: GCredit, which is in partnership with regional banking giant CIMB Bank, GGives, and GLoan.

GCredit gives GCash users an accessible credit line that can be used in QR-based, online, and bills payments. GGives is a ‘buy now pay later’ product that enables customers to purchase from their favorite brands and pay later through easy installments.

Gloan on the other hand offers an affordable and convenient way to borrow money with users getting cash directly in their wallets after a few taps on their phones. contributed photo