The Philippines’ digital lending market is projected to exceed $1 billion in 2025, fueled by rising consumer demand for online financial services.
According to a recent analysis by Digido, non-bank digital lenders will account for 55.2% of the market share, while digital banks will comprise 44.8%.
The market is expected to grow from $693 million in 2023 to $796 million by the end of 2024, with a significant increase in app downloads from 58.9 million in 2024 to 73.5 million by the end of the year.
The growth is driven by a large segment of the population, particularly Generation Z, embracing mobile financial solutions.
Digido highlighted that digital lending has become a crucial tool for the underbanked and underserved Filipinos in managing their finances.
Source: PhilNews24 | January 8, 2025
