FINANCE HC Consumer Finance Philippines Inc. (Home Credit) has signed a 420 million peso social finance facility with Citibank (Citi) to further promote greater financial inclusion in the Philippines.
This loan agreement should help customers who want to buy mobile devices in the Philippines.
“This loan facility is a continuation of a deliberate strategy by Home Credit to seek innovative and sustainable financing options for our business while striving to provide sustainable and responsible financial services and products on the developing market. Enabling our clients to live a better life is a central part of our approach,” said Jean Lafontaine, Home Credit Group, Head of Financing, Mergers & Acquisitions and Investor Relations.
Borrowing from the “point of sale” offered by Home Credit is the first experience many Filipinos have with any type of credit. This inclusive loan is particularly aimed at women, who make up around 50% of total Home Credit borrowers.
Home Credit further explains that the facility is a social loan that will be tracked quarterly through a certification detailing the “mobile point of sale” portfolio for KPIs, including the number of new digital devices funded and the percentage of female borrowers. .
“Today’s announcement marks an exciting new chapter in the history of Home Credit in the Philippines. I am proud that the loan’s measured Key Performance Indicators (KPIs) will be of particular benefit to our clients. The combination of safe access to responsible financial services and digital technology has the potential to have a transformative effect for Filipinos across the country,” said David Minol, President and CEO of Home Credit Philippines.