About 1.54 billion seconds were spent by persons in using non-bank digital lending applications in the Philippines in 2024, according to new analysis from Digido.

Philippine-based financial platform said in a statement on Tuesday that an examination of 47 digital lending applications duly-registered to operate in the country, including Digido, revealed that the lion’s share of activity remained with platforms specializing in personal loans at 76.4 percent, followed by ‘buy now, pay later’ (BNPL) services at 21.4 percent and installment loans at 2.2 percent.

Meanwhile, activity seen in the applications rose by 16 percent when comparing it to activity in 2023.

On average, active users of digital lending apps spent approximately 12 minutes and 14 seconds per month in 2024 while the average duration of a user’s session was 58 seconds.

The personal loans segment was also the primary driver of the total number of application downloads, which increased by 42.4 percent year-on-year (y-o-y) from 89.66 to 127.69 million units.

Unique users increased by 43 percent y-o-y from 47.46 to 67.84 million people, while the number of active users increased by 53 percent y-o-y from 7.7 to 11.78 million people.

“Non-bank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech penetration and saturation of offerings,

“Personal loans, in particular, remain a key driver of this industry due to its flexibility, ease of access, and competitive rates,” Digido business development manager Rose Arreco said.

“The growth in downloads, active and unique users, as well as the increase in total time spent in applications indicate continued consumer interest and high demand for such financial instruments while illustrating the industry’s role in promoting financial inclusion and continuing towards increased access to formal credit,

“We also continue to implore the general public to transact with online lending platforms that are 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.

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