Bank access surges to 65% and insurance penetration improves to 1.71%.
In the Philippines, where only a fraction of the population traditionally had access to formal banking and financial services, GCash, one of the nation’s largest digital payment platforms, is leading a revolution in financial inclusion. GCash’s mission is clear: to break down financial barriers and provide every Filipino with access to critical financial services.
Pushing Beyond Pre-Pandemic Limits
Before the COVID-19 pandemic, financial access in the country was alarmingly low. Only 29% of Filipinos had bank accounts, and a mere 2% had access to credit. However, Ingrid Beroña, Chief Risk Officer at GCash, explained that the company has significantly helped shift these figures.
“Now, 65% of Filipinos have access to banks, up from 29%,” Beroña shared during the Asian Banking & Finance and Insurance Asia Summit, held on 1 October at Makati Shangri-La, Philippines. “Credit access has jumped to 8%, and insurance coverage has risen to 51%, compared to just 23% pre-pandemic.” These figures highlight the strides GCash has made in expanding financial access to previously underserved populations.
A Comprehensive Financial Solution
GCash is more than just a payments app. The platform has evolved into a one-stop solution for a range of financial services, including credit, insurance, and investments. According to Beroña, GCash does not follow a “one-size-fits-all” model. Instead, it tailors its offerings to meet the diverse needs of its users. GCash users can access GCredit, GLoan, GInvest, and various insurance products directly through the app.
A standout feature of the platform is GScore, a proprietary credit scoring system designed to assess users’ financial potential without relying on traditional collateral. For many Filipinos, this has opened new doors to credit. “You don’t need to submit or fill out anything; you can just borrow instantly,” Beroña explained, emphasizing how the system cuts through the typical bureaucratic red tape that has kept many from accessing credit in the past.
For businesses, particularly micro, small, and medium enterprises (MSMEs), GCash offers tailored solutions through its GCash for Business initiative. Merchants can also tap into GLife, a marketplace within the app, to showcase their products to millions of users, boosting visibility and sales.
Affordable Insurance for All
GCash is also tackling another critical area of financial inclusion: insurance. While insurance penetration remains low at 1.71%, it has seen a slight improvement from the 1.63% recorded in 2023.
GCash’s GInsure product is making insurance accessible to the masses with affordable premiums starting at just ₱30 per month. “We are breaking the misconception that insurance is only for the wealthy,” Beroña noted, underscoring the company’s goal of democratizing insurance.
To date, GInsure has garnered over 7.8 million subscribed users. In 2024, the platform introduced three new insurance products—Send Money Protect, Cash for Funeral Costs, and Smart Flight Delay—each quickly becoming popular choices among users.
Security and Future Plans
As GCash expands its offerings, concerns about cybersecurity have grown, particularly as digital platforms become more susceptible to online threats. Addressing these concerns, Beroña assured users that GCash is committed to protecting their accounts and data.
“We have implemented several security measures, including facial recognition for login and a one-device-per-account policy to prevent unauthorized access,” she stated.
Looking ahead, GCash plans to diversify its financial services further. The company is exploring new investment opportunities, including bonds, as it continues to evolve. Although challenges like verification delays remain, GCash is working to streamline processes and improve user experiences.
“This is not just progress; it’s a revolution in how Filipinos engage with finance, and it’s only the beginning,” Beroña concluded.
With GCash’s expanding suite of financial tools, the platform is poised to continue breaking down long-standing barriers to financial inclusion in the Philippines, offering a brighter and more accessible financial future for millions of Filipinos.
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