Citi 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.
The social finance mechanism is expected to promote greater financial inclusion for Filipinos in support of the mobile segment by enabling better access to essential services like online banking, financial literacy, online education and entrepreneurial activities .
“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 drive financial inclusion in the Philippines,” said Zdenek Jankovsky, Director and Treasurer of Home Credit Philippines.
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.
“Home Credit Philippines remains committed to providing access to credit to all Filipinos through our consumer credit services and solutions. We are their ally and we will continue to find ways to serve them through responsible lending as they build their homes, lives and dreams,” said David Minol, Managing Director of Home Credit Philippines.