Manila – 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 Php820 million, up from Php420 million approved and drawn last May 2022.
Home Credit is the largest consumer finance company in the Philippines. As of the of 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 Php5 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 to also improve lives by enabling greater access to essential services like online banking, financial literacy, online education and entrepreneurial activities.
"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.
"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. We are confident that the expansion of this program will further enable progress for those who need it the most," said Aftab Ahmed, Citi Philippines CEO.
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.
"Home Credit Philippines remains committed to provide credit access to all Filipinos through our consumer finance services and solutions. We are their ally, and we will continue to come up with ways to serve them through responsible lending as they build their home, lives, and dreams" said David Minol, CEO of Home Credit Philippines.
Among Home Credit's key thrusts for 2022 includes broadening access to responsible finance, championing financial literacy and empowerment, and promoting innovation and digital inclusion.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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About Home Credit Philippines
Home Credit Philippines ("HCPH") is a consumer finance provider that promotes the principles of financial inclusion and safe lending, providing world-class financing services to qualified customers, often first-time borrowers. Home Credit arrived in the Philippines back in 2013 and within 9 years, has helped more than 8 million customers buy the things they need through fast, convenient, and affordable financing in thousands of stores around 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-bank 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 the Home Credit Group, an international consumer finance provider.
More information on HCPH is available at www.homecredit.ph.