{"id":49240,"date":"2022-05-13T07:22:48","date_gmt":"2022-05-12T23:22:48","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=49240"},"modified":"2022-05-13T07:22:50","modified_gmt":"2022-05-12T23:22:50","slug":"home-credit-citi-ink-social-financing-facility","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2022\/05\/13\/home-credit-citi-ink-social-financing-facility\/","title":{"rendered":"Home Credit, Citi ink\u00a0social financing facility"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Home Credit has inked a P420 million (8.2 million USD) social financing facility with the country\u2019s largest foreign bank Citi to further promote greater financial inclusion in the Philippines.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This loan agreement of Home Credit Philippines (HC Consumer Finance Philippines, Inc.) with Citi (Citibank N.A. \u2013 Philippine Branch) is expected to support purchases of mobile devices in the Philippines, about half of it would be for women. This also enables them to access features of a digital device such as online banking, tracking financial progress, installing productivity apps for their business, among others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Borrowers can apply for a loan at Home Credit Philippines\u2019 thousands of partners. They can also apply for a loan through Home Credit\u2019s App.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis loan facility is a continuation of a deliberate strategy at Home Credit to pursue innovative and sustainable funding options for our business. Empowering our customers to live better lives is a core part of our approach. This loan is another example of how we are working to deliver sustainable, responsible financial services and products in developing markets,\u201d said Jean Lafontaine, Head of Funding, M&amp;A and Investor Relations, Home Credit Group<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Borrowing at the \u201cpoint-of-sale\u201d as offered by Home Credit is the first experience many Filipinos have of any kind of credit. This inclusive loan is especially targeted at women, who comprise around 50% of Home Credit\u2019s total borrowers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cToday\u2019s announcement marks an exciting new chapter in Home Credit\u2019s story in the Philippines. I am proud that the measured KPIs of the loan will be particularly beneficial to our female customers. The combination of safe access to responsible financial services and digital technology has the potential to have a transformative effect for Filipinos across the country,\u201d said David Minol, President and Chief Executive Officer of Home Credit Philippines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The facility is a social loan which qualifies under the \u201cS\u201d of both company\u2019s approach to Environmental, Social and Governance (ESG). It will be monitored every quarter through a certification detailing the \u201cmobile-point of sale\u201d portfolio for key performance indicators (KPIs) including the number of new digital devices (including smartphones) financed and percentage of female borrowers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSupporting basic digital infrastructure is a tenet of Citi\u2019s approach to social financing in emerging economies. Through Citi\u2019s first social finance facility we would like to give more Filipinos safe access to affordable financial services to grow their business, and in this way affirm our commitment to the country as we celebrate our 120th year in the Philippines,\u201d said Citi Philippines CEO Aftab Ahmed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This transaction contributes to Citi\u2019s $1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including micro, small, and medium enterprise (MSME) financing. It will also generate employment opportunities as well as improve public spaces and community resources.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inc.) with Citi (Citibank N.A. \u2013 Philippine Branch) is expected to support purchases of mobile devices in the Philippines, about half of it would be for women. <\/p>\n","protected":false},"author":6,"featured_media":49241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[2096,5354,4672],"class_list":["post-49240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-finance-and-banking","tag-home-credit","tag-home-credit-philippines"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/49240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=49240"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/49240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/49241"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=49240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=49240"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=49240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}