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April 12, 2024

GCash’s loan disbursements soar to P118 billion

GCash, operated by Globe Fintech Innovations Inc. (Mynt), disbursed P118 billion in loans in 2023, doubling the figures from 2022.

A media briefing by Globe Telecom Inc. showed that GCash facilitated access to credit for over 3.9 million unique borrowers, with a significant number from lower socio-economic brackets, indicating its role in enhancing financial accessibility for underserved communities.

GCash’s wealth management offerings also saw growth. The GSave service now has 9.5 million registered users, while GFunds, its investment platform, attracted 5.8 million users.

Insurance products through GCash, including 16.3 million policies sold and 4 million registrations for GInsure, further demonstrate the platform’s expanding scope in financial services.

Data from Mynt showed that GCash has been tried by over 94 million Filipinos, with 94% of the country’s fintech app users engaging with GCash. The platform supports a network of 6 million merchants and includes 900 merchant partners in GLife, its lifestyle feature.

The recent introduction of the GCash Visa card in October 2023 garnered one million users, offering enhanced rates and payment convenience in over two hundred countries and territories.

Mynt chief finance officer Tek OlaƱo outlined the company’s plans for international expansion, aiming to launch GCash in ten more countries within the quarter, targeting regions with significant Filipino populations.

Mynt reported a 193% increase in its equity earnings for 2023, totaling P2.37 billion. Globe Group’s share of these earnings was P2.4 billion, accounting for 7% of its net income before tax for the year.

These figures highlight GCash’s operational progress in 2023, reflecting its ongoing efforts to extend financial services to broader segments of the population.