Filipinos spent nine years' worth of time on digital lending apps in 2022
MANILA, Philippines — A 2022 report found that over two million active users in the Philippines spent more than 75,305 hours — nearly nine years — using digital lending applications.
Consumer credit service Digido did an analysis of several digital lending platforms operating in the country which can be obtained either through the iOS App Store or Google Play, and as of end-2022 the apps had a combined total of 14.2 million downloads.
That number amounts to 3.4% of total downloads from finance-related categories across all devices and platforms, and is 3.7 million more (an 35% increase) from the year before.
Within the last six months of 2022, Digido found that 2.3 million active users of at least one of the platforms makes up approximately 3.2% of the adult population — meaning one in 30 adult Filipinos access the services of digital lending platforms at least once a month.
Digido also found that average monthly duration of apps use was 12 minutes and 46 seconds; a single session per user averaged at one minute and 14 seconds.
The company noticed there were significant bursts of user login activity during the months of March, July, and November, which they credited to platforms collaborating with micro, small, and medium-sized businesses (MSMEs) for promotions, favorable conditions, or launching of specialized loan products.
Digido noted that MSMEs are still heavily underfunded and have limited development ability that is continious, furthering the increased potential use of digital lending platforms.
Source : https://www.philstar.com/lifestyle/the-budgetarian/2023/01/25/2240167/filipinos-spent-nine-years-worth-time-digital-lending-apps-2022
