SL’s digital lending user base is at 1.3 million
View(s):Robocash Sri Lanka recently released an exhaustive study and analysis of the online lending application market in the country.
The analysis revealed a substantial increase in users across leading lending applications. From a modest 10,600 in August 2021, the user base for online loan applications in Sri Lanka skyrocketed to 1.3 million by November 2023, an exponential 125-fold surge in just over two years. With an average monthly growth rate of 19.5 per cent, this market exhibited rapid attraction of its target audience, showcasing consistent exponential growth without significant turning points, the company said in a media release.
commitment to empowering consumers with a deeper understanding of the evolving landscape within Sri Lanka’s online lending sphere. By shedding light on the substantial growth and burgeoning user base, this analysis reflects the company’s dedication towards fostering transparency and awareness among consumers, thereby aiding informed financial decisions in the digital lending realm.
These digital lending applications redefine convenience and speed in accessing financial services. Some apps have lightning-fast approval times, offering innovative features, and promising fund disbursement within minutes of application submission. Others prioritise security through advanced fraud detection mechanisms, leveraging over 1,000 data points for risk mitigation. Moreover, unique solutions like income diversification options are reshaping the lending landscape.
Commenting on the research, Konstantin Bereutsyn, Country Manager of Robocash Sri Lanka emphasised: “The growth of digital lending users is a reflection of increased trust in these types of services as a means to provide formal credit to the underserved.”
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