How GCash's credit and insurance tools unlock Philippines' inclusion barriers

Bank access increased to 65%, whilst insurance penetration improved to 1.71%.

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One of the Philippines' major digital payment applications, GCash, has a mission to ramp up financial inclusion in the country, where only a quarter of the population owns bank accounts.

Ingrid Beroña, chief risk officer at GCash, said the company aims to break down financial barriers and create a “future where every Filipino has access to financial services”.

Before the pandemic, only 29% of Filipinos had bank accounts, and a mere 2% had access to credit.

“Now, access to banks is at 65%. Filipinos have more access to credit, about 8%, up from 2%, and 51% now have access to insurance compared to 23% before,” Beroña told the 286 attendees at the 2024 Asian Banking & Finance and Insurance Asia Summit, held at the Makati Shangri-La, Philippines.

Expanding financial access

From everyday payments and transfers to insurance and lending, GCash has become a one-stop solution to Filipinos.