Consumer finance company Home Credit Philippines has so far served nearly 9 million customers in the country and the new suite of services and partnerships aims to increase that number in the coming months.
At a press conference recently, Home Credit Philippines (HCPH) highlighted its aim to respond to the government’s call for financial inclusion through access to credit opportunities. In addition to its flagship consumer and appliance finance product, the company has expanded its point-of-sale (POS) products to travel, events and medical services, among others.
“As the needs of our consumers continue to evolve, we are committed to supporting them as we build a more financially resilient Philippines,” said David Minol, CEO of HCPH.
Home Credit concludes 7 billion peso credit facility with UnionBank
Home Credit develops programs that promote financial inclusion
Since entering the country nearly nine years ago, Home Credit has disbursed more than 178 billion pesos in loans to Filipinos across all segments, including services, education and healthcare. From now on, Home Credit aims to become the unique ally of millions of consumers in the Philippines.
Over the past several years, Home Credit has grown its network to 10,000 robust retail partners nationwide, aggressively growing its online presence and forging partnerships with the country’s biggest brands.
Home Credit concluded its first-ever ESG-related credit facility with Deutsche Bank in December 2021 for 1.2 billion pesos. This facility provided women and new borrowers with expanded access to credit and supported financial education programs in the country. He also supported the company’s digitization efforts, which later enabled Home Credit to deliver 60% of its loan through digital channels.
Earlier in May this year, Home Credit launched a 420 million peso social finance facility, which was recently increased to 820 million pesos, with the country’s largest foreign bank, Citi. This facility has helped Home Credit customers buy basic digital devices – half of the loan goes to women, who make up 50% of Home Credit customers.
The company entered into a two-year, 7 billion peso credit facility with multi-award-winning universal bank UnionBank to provide full financial access to more Filipinos. The agreement enables Home Credit to provide more Filipinos with financial accessibility and inclusion through the brand’s intuitive and affordable loan products.
“Financial inclusion has always been at the heart of our approach to business. Ensuring that we are able to provide solutions tailored to the unique circumstances of our clients has been critical in our goal of bringing financial opportunities closer to more Filipinos,” said Zdenek Jankovsky, Director and Treasurer of HCPH.