Consumer finance firm Home Credit is eyeing to reach 10 million customers within 2023 as it continues to expand its operations and offer a more comprehensive ecosystem of products and services tailor-fit for Filipinos.
In 2022, the company concluded the year with a customer base of 9.3 million, mainly driven by continued expansion efforts towards lifestyle-oriented segments and categories. According to Home Credit CEO David Minol, the 10-million customer base goal is set to exceed the total number of credit card holders in the country.
“Our goal of a financially empowered Philippines comes true every year, one customer at a time. In our 10 years of service in the country, we aim to empower 10 million customers by the end of 2023 and continue to serve more Filipinos in the years to come. More than delivering innovative and accessible financial services, we celebrate the relationships we have built with our stakeholders and customers over the past decade, and this we choose to continue above and beyond,” he said.
Nine years since its inception, Home Credit has disbursed more than P178 billion worth of loans to Filipinos across services, education, and health segments. Regarding itself as a pioneer in the buy now, pay later (BNPL) space, Home Credit owes its upward growth trajectory to its deep understanding of the local market.
“More than just being a consumer finance provider, Home Credit has evolved to be the lifestyle partner of every Filipino. With the ever-changing market landscape and demand of consumers, the company continues to expand its services to different segments and offer a wide range of lifestyle commodities. As we gear towards our 10th year of service, Filipino customers can only expect the best from our growing range of products that will be made more available and accessible to them,” Home Credit CSO Puneet Suneja added.
With the newer generation of customers, Home Credit saw the need to expand its lifestyle offerings and finance solutions, aggressively growing its online presence through its dedicated My Home Credit mobile application.
Across 75 provinces, Home Credit now boasts more than 15,000 partner stores – including major brands and retailers and bringing to customers more than 300 lifestyle commodities ranging from gadgets and smartphones, appliances and furniture, bicycles and motorcycle accessories, and sports equipment among others.
“Home Credit always aims to support Filipino consumers by being with them in their life situations and milestones. Our Cash Loan offering is another product we give to our existing customers to help them to be more financially capable. We pride this product as the most flexible cash loan offering in the market, tailored fit to customers’ needs, and having the fastest approval and disbursement in one minute,” shared Home Credit chief CRM officer Petr Lukosz.
Home Credit Philippines offers its existing customers with good payment histories the opportunity to avail themselves of its Cash Loan product to help them be more financially capable. To date, the company has disbursed over P1.8 million in Cash Loans to its customers, with 90% of the contracts signed digitally and 20% of the applications processed through the My Home Credit App.
“Home Credit has been at the forefront of promoting financial literacy and education in the Philippines since it started in 2013. Our remarkable growth and outstanding performance are manifestations of our commitment in service of the Filipinos, empowering them to be financially capable. Through our financial literacy initiatives, we were able to reach 20 million Filipinos last year and we aim to further expand our horizons towards a sustainable and financially resilient future,” Home Credit CMO Sheila Paul continued.
The BNPL market has been growing rapidly in recent years, with more and more consumers opting for this payment option. A recent report says that the global BNPL market is expected to grow at a CAGR of 13.46% during the period 2021-2026 attributable to increasing adoption of digital payment methods and the rising number of smartphone users, primarily in the Asia-Pacific market.
Beyond cash disbursements and product loans, Home Credit also offers a range of protection packages to its customers to ensure that they are well-covered and protected, these include Device Protection, which can be upgraded with an extended warranty for accidental damage protection; Extra Care, which provides flexibility in managing payments; Home Content, which protects and covers home belongings from any unfortunate incidents; and Personal Payment Protection, which offers unlimited telemedicine service, death and accident coverage, and medical reimbursement.
