Manila – 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.
Home Credit is the largest consumer finance company in the Philippines. As of the end of July 2022, it has already served 8.7 million customers nationwide through a selection of affordable and accessible financing products.
From April to July this year, Home Credit Philippines has already provided consumer finance of over Php 5 billion 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.
“This expansion of the Social Finance Facility by Citi underscores how well Home Credit Philippines has fulfilled its mission to provide reliable financial services to Filipinos. We continue to innovate our products, processes and services to drive financial inclusion for Filipinos. Philippines,” said Zdenek Jankovsky, director and treasurer of Home Credit Philippines.
“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. We are confident that the expansion of this program will bring more progress to those who need it most,” said Aftab Ahmed, CEO of Citi 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 will continue to find ways to serve them through responsible lending as they build their home, their life and their dreams,” said David Minol, CEO of Home Credit Philippines.
Among Home Credit’s key goals for 2022 are expanding access to responsible finance, promoting financial literacy and empowerment, and fostering innovation and digital inclusion.
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Citi is a leading banking partner for institutions with cross-border needs, a global leader in wealth management, and a popular personal bank in its home market, the United States. Citi does business in more than 160 countries and jurisdictions, providing businesses, governments, investors, institutions and individuals with a wide range of financial products and services.
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About Home Credit Philippines
Home Credit Philippines (“HCPH”) is a consumer credit provider that promotes the principles of financial inclusion and safe lending, providing world-class financing services to qualified clients, often first-time borrowers. . Home Credit arrived in the Philippines in 2013 and in 9 years has helped over 8 million customers buy the things they need with fast, convenient and affordable financing at thousands of stores across the country. In 2019, HCPH was also granted the license to operate as a credit card issuer by Bangko Sentral ng Pilipinas (BSP), making it the first and only non-banking institution in the country to issue credit cards. HCPH continues to expand its digital and online presence and now has over 8 million users of its My Home Credit app. HCPH is part of Home Credit Group, an international provider of consumer credit.
More information about HCPH is available at www.homecredit.ph.