The relentless march of digital finance in the Philippines continues its powerful surge. New analysis from Digido reveals the immense scale of this digital shift, with Filipinos collectively spending an astounding 1.54 billion seconds — equivalent to nearly half a century — glued to non-bank digital lending applications in 2024.
This eye-opening figure underscores the deepening integration of fintech into the daily lives of Filipinos.
An examination of 47 digital lending applications duly-registered to operate in the country[1], including Digido, showed that personal loan platforms captured the majority of user activity at 76.4%. This was followed by ‘buy now, pay later’ (BNPL) services with 21.4% of the activity, and installment loans accounting for the remaining 2.2%.
Overall activity within these applications saw a significant 16% increase compared to 2023.
Personal loans drive digital lending growth in 2024
The same Digido analysis indicated that active users [2] of digital lending apps spent an average of 12 minutes and 14 seconds per month throughout 2024. Interestingly, the average duration of a single user session was just 58 seconds, suggesting frequent, short engagements with these platforms.
The popularity of personal loans was also the primary catalyst for a substantial 42.4% year-on-year (YoY) increase in total application downloads, rising from 89.66 million to 127.69 million. This surge in adoption is further highlighted by a 43% YoY increase in unique users, climbing from 47.46 million to 67.84 million individuals. The number of active users also saw a significant 53% YoY jump, from 7.7 million to 11.78 million.
Rose Arreco, business development manager at Digido, commented on these findings, stating, “Non-bank, digital-forward lenders are maintaining strong growth despite the already high level of fintech adoption and a saturated market. Personal loans are proving to be a key driver in this industry, thanks to their flexibility, ease of access, and competitive rates.”
Arreco further emphasized the broader implications of this growth: “The increase in downloads, active and unique users, coupled with the rise in total time spent on these applications, clearly demonstrates continued consumer interest and strong demand for these financial tools. This trend highlights the industry’s crucial role in promoting financial inclusion and expanding access to formal credit.”
In light of this expanding digital landscape, Arreco also urged caution: “We continue to advise the public to only transact with online lending platforms that are officially registered with the Securities and Exchange Commission and to carefully review the terms and conditions before engaging in any loan transaction.”
Digido: Bridging the financial gap for Filipinos
Digido, which has recently partnered with PalawanPay to strengthen access to fair credit, positions itself as a provider of convenient and secure financial tools accessible to every hardworking Filipino.
Through its growing suite of inclusive lending solutions available via its mobile app and official website, Digido aims to offer instant and transparent financing to the country’s underbanked and underserved population.
This, the company believes, enables individuals to more readily participate in the formal digital ecosystem, improve their financial well-being, and achieve their personal goals more efficiently.
The services offered under the Digido platform are financed by Digido Finance Corp., which holds SEC Registration No. 202003056 and Certificate of Authority No. 1272.
Digido’s commitment to providing trusted services has garnered recognition from numerous prestigious international award-giving bodies, including the Global Retail Banking Innovation Awards and the International Finance Awards, among others.
[1] Contains applications indicated in the Securities and Exchange Commission’s list of recorded online lending platforms (as of 18 March 2025). Sample size adjusted from previous years to focus and retain applications with non-zero traffic indicators.
[2] Active users pertain to users who have logged into the mobile application at least once in a 30-day period.with Filipinos collectively spending an astounding 1.54 billion seconds – equivalent to nearly half a century – glued to non-bank digital lending applications in 2024. This eye-opening figure comes from a fresh analysis conducted by leading digital lending platform, Digido, underscoring the deepening integration of fintech into the daily lives of Filipinos.