New Delhi, Mar 21 (KNN) In the dynamic landscape of fintech lending, the Fintech Association for Consumer Empowerment (FACE) reveals encouraging statistics in its ninth edition of the FACETS report. 

According to the report, member companies of FACE have collectively distributed 24.8 million loans during the third quarter of fiscal year 2024, marking a notable 12.2 per cent year-on-year increase from the same period last year, where 22.1 million loans were disbursed.

However, the sequential growth in loan disbursements has shown a stabilisation, with Q3 loan distribution figures mirroring those of the previous quarter at 24.8 million loans. 

Nonetheless, this consistency underscores the robustness of the fintech lending sector.

The monetary value of these loans also exhibits significant growth, with Rs 33,922 crore disbursed during Q3 FY24, reflecting a substantial 46.2 per cent increase from Q3 FY23. 

Sequentially, there was a 7.4 per cent rise from the preceding quarter, reaching Rs 31,558 crore in loan disbursement.

Sugandh Saxena, CEO of FACE, commented on the findings, stating, “Quarterly trends indicate that FACE members are adapting well to the market conditions. The 25 million loans, nearing Rs 34,000 crore, reflect strong consumer trust and preference for digital loans. The industry is heading towards the remarkable milestone of 100 million loans in FY24, which is no small feat.”

Moreover, the report highlights an important aspect of inclusivity, noting that 12 per cent of loans distributed between April and December 2023 were allocated to women, underscoring efforts towards financial empowerment and gender equality.

The comprehensive data in the latest report is drawn from 37 member companies of FACE, which operate through non-banking financial companies (NBFCs) in partnership with other regulated entities. 

This collaborative approach ensures adherence to regulatory standards while fostering innovation and accessibility in the digital lending space.

(KNN Bureau)