GCash says P40 billion worth of loans disbursed

ONE MILLION active borrowers have been registered on Globe Fintech Innovations, Inc.’s mobile money service platform GCash as of the end of June, its top official announced on Monday.

At the same time, the company has disbursed over P40 billion in loans, GCash said in an e-mailed statement.

“The services… have further undergone innovations, whether in savings, investing, insurance, and lending,” said Martha M. Sazon, GCash president and chief executive officer.

The platform’s GLoan, which provides access to up to P125,000 cash loans, does not require any collateral and gives borrowers up to 24 months to repay, the company said.

Meanwhile, GGives, a “buy now, pay later” option on the platform, allows installment terms of up to 24 “gives” in 12 months. Users can shop at GCash’s partner merchants for up to P125,000 worth of items.

The application’s GCredit is a revolving mobile credit line that can also be used to pay for goods and services.

The platform also houses other financial products such as GSave, GInsure, and GInvest.

“As of the first semester, GSave accounts have reached more than 3.3 million, with one in five banked Filipinos already having a GSave account,” GCash said.

“Insurance provider GInsure, meanwhile, has sold more than two million policies to date,” it added.

Moreover, investment marketplace GInvest has registered more than 3.4 million investors in the first six months. — Arjay L. Balinbin