When the Philippines' leading finance super app and largest cashless ecosystem GCash was founded 20 years ago, it was anchored by a vision since the start: financial inclusion for Filipinos. #GCash had its humble beginnings as an SMS-based eMoney Transfer Service, before going on to become the country's first $5b unicorn and a transformative force in the Philippines' financial inclusion and economic empowerment. #GFund #GStocks
As of end-2023, over 94 million Filipinos in the Philippines have tried GCash, putting it in a powerful and impactful position to revolutionize savings, loans, insurance, and other financial services in the Philippines. With its comprehensive suite of products and services, GCash has now gone beyond basic digital financial access to being a partner of Filipinos in every financial aspect of their lives.
"These past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we want to take it a step further and be their partner towards financial health and wellness," GCash President and CEO Martha Sazon said. "Encouraged by the vision set by the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, we will keep innovating to help Filipinos thrive everyday, be ready for a rainy day, and prepare for one day."
Enabling Filipinos to thrive every day
GCash has bridged the gap between unbanked Filipinos and financial services that prove essential to making everyday lives better. The app’s dedication to financial inclusion is evident in its user base, with 90% coming from lower socioeconomic classes, 70% from outside the National Capital Region, and 57% compromising women. Moreover, marginalized groups that are traditionally unbanked, unserved, and underserved–such as farmers and fisherfolk–also make up GCash's user base.
Through its user-friendly platform, comprehensive array of responsive services, and focus on finance management, GCash has made it easier for Filipinos from all walks of life to transact, save, invest, and access credit. All of these can be done without the need for a traditional bank account, right from the convenience of their mobile phones.
GCash has also played a significant role in empowering businesses across the Philippines. In the GCash ecosystem, there are 6 million merchants and social sellers—including micro, small, and medium enterprises (MSMEs), such as sari-sari stores, and wet market vendors. They are able to thrive everyday through their digital finance capabilities powered by GCash– such as augmenting their income, managing their expenses, and connecting with customers from various parts of the country.
Helping Filipinos be ready for a rainy day
Service is at the core of GCash, and this is most apparent in how the company continuously innovates to make everyday life easier for every Filipino. As a digital wallet and payments center, the app has connected individuals and businesses across the country with unparalleled convenience.
And as a partner for financial wellness, it has created better opportunities for Filipinos to access services during emergencies or rainy days, without having to rely on informal and often predatory lending outfits.
GCash offers fair loans through GLoan, GLoan Sakto (nano loans), GGives (installment loans), and GCredit (a revolving credit line)—all in support of Filipinos who are facing emergencies and challenging times. To date, GLoan has disbursed Php135B in loans to augment app users’ income, lending them funding to cover emergencies, and overall helping impart a sense of security.
Assessing loan worthiness is based on a user's past transactions on GCash which make up the GScore system, rather than credit history or collateral. The loan process is also completely digital, ensuring a seamless experience from application to repayment.
GCash also provides accessible insurance to cushion Filipinos in times of need and unexpected circumstances. From life, health, car, travel, and even GCash transactions, GInsure offers a comprehensive range of insurance products with accessible premiums for as low as PHP10 a month.
In line with its financial inclusion push, GCash also offers inclusive insurance policies for same-sex couples, where policyholders can designate same-sex partners as beneficiaries without a marriage certificate.
With GInsure, GCash not only hopes to cover Filipinos from risk and financial hardships from rainy days, but to address low insurance penetration in the Philippines.
Inspiring Filipinos to prepare for one day
In addition to addressing day-to-day and emergency financial needs alike, GCash also seeks to help Filipinos build a brighter and better tomorrow through easily accessible financial management tools. It counts among its offerings investment packages for various life goals under GFunds and GStocks, which seek to help protect assets and grow wealth.
A key facet of its role as a financial wellness partner is GCash’s savings feature GSave, with no minimum deposit and maintaining balance. To date, GSave boasts over 10 million users, with one out of four bank account holders having an account on the platform. GSave also boosted the number of Filipinos with savings accounts to 65%—a considerable contribution that underscores GCash’s drive to ensure financial wellness for all.
Another tool that enables Filipinos to build the life they dream of is GInvest. Through the platform, GCash has made investing in funds, stocks, and even crypto easier–for as low as P50. GInvest is a more flexible option especially for newbie investors, since they can choose to grow smaller amounts of money.
GCash drove an 11% growth in PSE accounts, with one out of five PSE accounts coming from the finance app. In total, there are around 500,000 GInvest users, while there are around 1.9 million PSE investors.
Providing these financial services—which work to address the diverse and wide-ranging concerns of its user base, from the everyday to the long-term—has enabled GCash, now a finance super app, to uplift millions of Filipinos, giving them better control of their finances, empowering them to make well-informed financial decisions, and assisting them in their journey toward a more secure tomorrow.