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Manila Bulletin devider Business devider The Stock Market devider Loans disbursed by GCash surge 100% in 2023

Loans disbursed by GCash surge 100% in 2023

Published Feb 7, 2024 07:57 am

Online banking platform GCash, operated by Globe Fintech Innovations, Inc. (Mynt), announced that it has disbursed P118 billion loans in 2023, which is over a 100 percent higher compared to P50 billion in 2022.

During Globe Telecom Inc.’s media briefing on Feb. 7, the telco shared that it has granted access to credit to over 3.9 million unique borrowers last year, majority of whom are from lower socio-economic classes.

In terms of wealth management, GSave now has 9.5 million registered users, while GFunds registered users are 5.8 million.

In addition, 16,3 million insurance policies have been sold, and four million have registered to GInsure.

Based on data from Mynt, over 94 million Filipinos have tried GCash, with 94 percent of fintech app users in the country using GCash.

The platform also hosts six million merchants and a social seller network, with 900 merchant partners hosted in GLife.

Meanwhile, GCash Visa card holders reached one million since it launched in October 2023, providing better rates for users and offering a convenient payment mode available in over 200 countries and territories.

“We're very bullish about the international space. We continue to expand our international services to cater to more Filpinos abroad as we launch GCash overseas to 10 more countries across the quarter,” said Mynt Chief Finance Officer (CFO) Tek Olaño.

The plan is to get into 16 countries, covering 80 percent of the market where Filipinos are highly concentrated abroad, he added.

Mynt's equity earnings grew by 193 percent to P2.37 billion in 2023. Globe Group's share in Mynt's equity earnings was P2.4 billion, accounting for seven percent of 2023’s net income before tax (NIAT).

 

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