 "Loan distribution by FACE members rise by 12.2% to 24.8 mn in Q3FY24")
Fintech Association for Consumer Empowerment (FACE), an industry body for digital lenders, in its ninth edition of its FACETS report, said its member companies distributed 24.8 million loans during the third quarter (Q3 FY24).
This is a 12.2 per cent year-on-year (Y-o-Y) increase from 22.1 million loans.
On a sequential basis, the growth in loan disbursements remained stagnant after companies distributed 24.8 million loans in Q2.
Similarly, FACE noted that loans amounting to Rs 33, 922 crore were disbursed in Q3 FY24, up 46.2 per cent from Rs 23,200 crore in Q3 FY23. Sequentially, loan disbursement grew 7.4 per cent from Rs 31,558 crore in Q2 FY24.
“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,” said Sugandh Saxena, chief executive officer (CEO), FACE.
The report added that 12 per cent of loans distributed between April and December 2023 went to women.
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The latest report from FACE has data from 37 member companies lending to customers through non-banking financial companies (NBFCs). This is in partnership with other regulated entities, which also include NBFCs.