In 2024, people in the Philippines used non-bank digital lending apps for around 1.54 billion seconds, or 49 years, according to a new Digido report.
An analysis of 47 digital lending applications that are legally permitted to operate in the nation, including Digido, showed that platforms that specialize in personal loans continued to account for the majority of activity (76.4%), followed by “buy now, pay later” (BNPL) services (21.4%) and installment loans (2.2%).
Compared to 2023, the applications’ activity increased by sixteen percent.
On average, active users of digital lending apps spent approximately 12 minutes and 14 seconds per month in 2024 while the average duration of a user’s session was 58 seconds.
The personal loans segment was also the primary driver of the total number of application downloads, which increased by 42.4% year-on-year (YoY) from 89.66 to 127.69 million units. Unique users increased by 43% YoY from 47.46 to 67.84 million people, while the number of active users increased by 53% YoY from 7.7 to 11.78 million people.
Digido business development manager Rose Arreco issued the following comments: “Non-bank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech penetration and saturation of offerings. Personal loans, in particular, remain a key driver of this industry due to its flexibility, ease of access, and competitive rates.
“The growth in downloads, active and unique users, as well as the increase in total time spent in applications indicate continued consumer interest and high demand for such financial instruments while illustrating the industry’s role in promoting financial inclusion and continuing towards increased access to formal credit.
“Non-bank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech penetration and saturation of offerings,” said Rose Arreco, business development manager at Digido. Because of their affordable rates, ease of access, and flexibility, personal loans in particular continue to be a major force in this sector.
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