According to a recent customer survey by the fintech holding Robocash Group, microfinance institutions (MFI), as well as non-bank financial companies (NBFC) are the first credit providers for almost every third individual in Asia (31%). However, the number of such clients in the Philippines is even greater – 42%, which is also higher the share of banks by 12%.
Although banks in Asia preserve their position as the primary source of credit, alternative lending has taken a significant place too. In particular, the survey revealed that 41% of respondents in the Philippines, Indonesia, Vietnam and India obtained bank loans first. MFIs and NBFCs hold the second notable part of 31% of responses.