Nearly 9 in 10 SEA people now have access to credit

The report delves deeper into the effects of credit access on financial services provider (FSP) customers.

Credit access has enhanced the lives of almost 89% of customers in Southeast Asia, according to a report by Centre for Impact Investing and Practices (CIIP), Helicap, and United Nations Capital Development Fund (UNCDF).

Approximately 78% experienced income growth, 76% saw an improvement in handling major expenses, and 80% gained increased confidence in their own capabilities.

The majority of customers, 86%, reported enhanced financial agency, enabling them to achieve their financial goals, while 58% experienced improved financial decision-making abilities.

ALSO READ: Less Filipinos fall short of meeting credit card payments

This first-ever “impact-focused” report titled Financial Inclusion in Post-COVID Southeast Asia: Accelerating Impact Beyond Access, featured contributions from 60 organisations and their estimated 6,500 customers from Cambodia, Indonesia, Myanmar, the Philippines and Vietnam.

The report delves deeper into the effects of credit access on financial services provider (FSP) customers, examining its influence on their businesses, livelihoods, quality of life, household well-being, and various financial health outcomes like resilience and agency.

“With this report, we get closer to understanding what is needed for true financial inclusion in Southeast Asia, and how we can support and encourage multi-sector stakeholders to act and enhance their collective impact to empower communities,” according to Dawn Chan, CEO, CIIP.

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