Citi, the Philippines’ largest foreign bank by assets, has expanded its joint social finance program with Home Credit by increasing its credit facility to 820 million pesos from 420 million pesos approved and drawn down in May 2022.
“This expansion of the Social Finance Facility by Citi underscores how well Home Credit Philippines has fulfilled its mission to provide trusted financial services to Filipinos. We continue to innovate our products, processes and services to promote financial inclusion in the Philippines,” said Zdenek Jankovsky, Director and Treasurer of Home Credit Philippines.
Home Credit is a consumer finance company in the Philippines. By the end of July 2022, it had already served 8.7 million customers nationwide with a selection of affordable and accessible financing products.
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From April to July this year, Home Credit Philippines has already provided consumer finance of over 5 billion pesos to almost half a million Filipinos to support their purchases of mobile devices; of this number, 50% of those who have benefited from it are clients.
The social finance mechanism is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not only increase connectivity but also improve lives by enabling greater access to essential services such as online banking. , financial literacy, online education and entrepreneurship. Activities.
“Citi has a long-standing commitment to accelerating financial inclusion in the Philippines, through our support for microentrepreneurs and now through this social finance facility that aims to make much-needed financial services more accessible to Filipinos, especially women, through the use of mobile devices,” said Aftab Ahmed, CEO of Citi Philippines. “We are confident that the expansion of this program will bring more progress to those who need it most.”
This transaction contributes to Citi’s $1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including micro, small and medium enterprises (MSMEs) financing.