Photo courtesy of Digido.

Filipinos spent 9 years in total using digital lending apps in 2022

Over 2.3 million users actively used a digital lending platform at least once a month.

Filipinos in total spent nine years using digital lending applications, according to data gathered by consumer credit service Digido.

Over 2.3 million active users in the Philippines reportedly spent a total of 75,305 hours using lending apps in 2022, according to Digido’s analysis of the ten digital lending platforms in the country.

These platforms now have a combined total of 14.2 million downloads as of December 2022. This is 2.2% higher compared to November 2022, and a 35.2% rise compared to December 2021.

ALSO READ: China reopening to push up demand for retail loans: analyst

The number of active users is equal to at least 3.2% of the local adult population, based on United Nations estimates, meaning that 1 in 30 adult Filipinos access digital lending services at least once a month.

Average monthly duration of use session of these apps ended at 12 minutes and 46 seconds whilst duration of one session per user was at one minute and 14 seconds.

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