Citi, the largest foreign bank in the Philippines in terms of asset base, has expanded its joint social finance program with Home Credit by increasing its credit facility to P820 million, up from P420 million approved and drawn last May 2022.
“This upsizing of the social finance facility by Citi underlines how Home Credit Philippines has lived up to its mission to deliver trusted financial services for Filipinos. We continue to innovate our products, processes, and services to push for 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. As of the end of July 2022, it has already served 8.7 million customers all over the country through a selection of affordable and accessible financing products.
From April to July of this year, Home Credit Philippines has already provided consumer financing of over P5 billion to almost half a million Filipinos to support their mobile device purchases; of this number, 50% of those who availed are female customers.
The social finance facility is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not just increase connectivity but also improve lives by enabling greater access to essential services like online banking, financial literacy, online education, and entrepreneurial activities.
“Citi has long been committed to accelerating financial inclusion in the Philippines, from our support of microentrepreneurs and now through this social finance facility which aims to make much-needed financial services more accessible to Filipinos, specifically women, through the use of mobile devices,” said Aftab Ahmed, CEO, Citi Philippines. “We are confident that the expansion of this program will further enable progress for those who need it the 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 enterprise (MSME) financing.