Tag: Robocash Group

Business World

Alternative lenders will help recover consumer demand in the Philippines and India

Mar 29, 2021 by Neel Achary 0 Comments #Consumer Confidence Index, #Robocash Group

According to the Consumer Confidence Index, the population of the Philippines and India will be increasing their consumer activity in 2021. A survey of Robocash Group has shown that about 71% of Filipinos and 64% of Indians will be doing it with the help of non-bank loans.

As stated in the Consumer Confidence Index, the population of India estimates their current financial situation as 55.5 points, twice as low as a year ago. In the Philippines, this score is about 7 points worse than in India if considered on the same scale.

Despite this, more than half of the surveyed Indians expect that the economic situation will improve. 51% of the population believes that their income will increase next year. At the same time, a large share of the respondents expect that they will be spending more than earning.

In the Philippines, expectations for the next 12 months are more optimistic. When asked about the economic situation, the financial state of the family, and the income, the respondents answered mostly positively. This is also confirmed by the Robocash Group survey – 76.5% of Filipinos said that their income is likely to increase in 2021.

The growing consumer activity this year will certainly affect the lending market. Borrowings will be one of the tools to meet the increasing demand. According to the Robocash Group survey, 63.5% of Indians and 70.6% of Filipinos are definitely going to borrow money in 2021.

For this purpose, 62.7% of respondents in the Philippines will use alternative lending services, and 17.6% will go to a bank. In India, the situation is opposite: banks take the leading position with 46.1% of votes, followed by alternative lenders with 23.5%. As India is the second most populous country in the world, such a share of population still makes a strong demand for alternative lending services.

In both countries, most respondents would prefer to use online services (56.9% in the Philippines, 64.3% in India) rather than going to offline branches. Possibly, Filipinos who want to get a loan online tend to use alternative lenders due to the low supply in the local online banking market. In India, which has a bigger number of neobanks, the population is more inclined to choose them in the first place.

Business World

Robocash Group issued 1 bn USD worth of loans

Mar 16, 2021 by Neel Achary 0 Comments #CEO of Robocash Group, #Robocash Group, #Sergey Sedov

The group notes that the volume of loans has been increasing annually since its inception. There was a particularly strong growth in the last quarter of 2020 and in 2021, which confirms a rising demand for alternative lending.

Since its origination in 2013, Robocash Group has been increasing its disbursement volumes every year. Between 2014 and 2020 the yearly amount of loans issued to customers went up from 48,000 USD to 322.5 mln USD. In 2021, the total sum has reached 1 bn USD.

In Q4 2020, the group observed a particularly rapid growth rate – in this period, it granted 37.5% more loans to borrowers compared to the previous quarter. In the first months of 2021, the growth has continued. If the group maintains the pace, the amount of issued loans in Q1 this year may rise by another 20%.

“Our statistics confirm that there is an increasing demand for alternative lending among the population. In the markets of our operation, many people still lack access to traditional financial services. For example, in Russia, Kazakhstan and Spain, the share of the underserved population varies from 44% to 53%. In Southeast Asia, around 75% of adults are either underbanked or don’t have a bank account, and in India 54% do not have full access to finance. The pandemic resulted in the underconsumption and further restrictions introduced by traditional banks, so people started using non-bank loans more frequently. We are glad to be able to partially satisfy their needs and contribute to the development of financial inclusion across our footprint,” – said Sergey Sedov, CEO of Robocash Group.

In 2021, the group plans to double the yearly disbursement volumes by expanding its product line and developing the existing services.