Citi, the country’s largest foreign bank, and Home Credit, a global leader in consumer finance, today announced the launch of a new joint social finance facility in the Philippines. Know more:
Citi, the country’s largest foreign bank, and Home Credit, a global leader in consumer finance, today announced the launch of a new joint social finance facility in the Philippines. The new loan is designed to promote greater financial inclusion for Filipinos and is the first example of its kind for Home Credit supporting the mobile segment.
Borrowers can apply for a loan at Home Credit’s thousands of partner merchants where they can purchase their digital devices. They can also apply for a loan through Home Credit’s app. The facility is a social loan which qualifies under the “S” in both company’s approach to Environmental, Social and Governance . It will be monitored every quarter through a certification detailing the “mobile-point of sale” portfolio for key performance indicators including the number of new digital devices financed and percentage of female borrowers.
“Supporting basic digital infrastructure is a tenet of Citi’s approach to social financing in emerging economies. Through Citi’s first social finance facility we would like to give more Filipinos access to financial services to grow their business, and in this way affirm our commitment to the country as we celebrate our 120th year in the Philippines,” said Citi Philippines CEO Aftab Ahmed.
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