According to a new report from Digido, people in the Philippines spent about 1.54 billion seconds using non-bank digital lending apps in 2024.
On Tuesday, a financial platform based in the Philippines analyzed 47 digital lending apps registered to operate in the country, including Digital. The analysis revealed that these platforms, particularly those offering personal loans, provide a convenient and accessible way for users to manage their finances, with most activity (76.4%) focused on personal loans, followed by ‘buy now, pay later’ (BNPL) services at 21.4% and installment loans at 2.2%.
Meanwhile, the 16% increase in app activity compared to 2023 signifies a growing reliance on digital lending apps for financial needs.
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On average, active users of digital lending apps spent about 12 minutes and 14 seconds per month in 2024, with each session lasting around 58 seconds.
The personal loans segment was also the main reason for the rise in app downloads, which increased by 42.4% from 89.66 million to 127.69 million downloads compared to the previous year.
The number of unique users who used the app at least once grew by 43%, from 47.46 million to 67.84 million people. The number of active users who used the app regularly rose by 53% from 7.7 million to 11.78 million compared to the previous year.
“Non-bank, digital lenders are experiencing robust growth, even in a well-developed fintech market with numerous options available,” said an industry expert.
“Personal loans are still a big reason the industry is growing because they are flexible, easy to get, and offer good rates,” said Rose Arreco, Digido’s business development manager.
“The rise in downloads, active and unique users, and the total time spent on apps shows that people are still very interested in these financial tools. It also highlights how the industry is helping more people access formal credit and supporting financial inclusion,” the statement said.
“We also continue to implore the general public to transact with online lending platforms duly registered with the Securities and Exchange Commission, as well as thoughtfully study the terms and conditions before proceeding with any loan transaction,” Arreco added.
