QP’s Impact Study:Empowering Underserved Customers with Financial SolutionsAs part of our vision and commitment, we are on our journey to make a positive impact, we conducted an in-depth study and research to assess the effects of digital loans on customers across emerging economies, likeKenya, Mexico, the Philippines, Pakistan and India. The research revealed valuable insights into the transformative power of accessible financial tools, the significance of choice, and the remarkable outcomes achieved by customers who take control of their financial lives. Here are the key findings that emerged from the study:
1. Enhanced Access to Financial Services:
We uncovered that a significant portion of the customer pool who apply for micro loans had limited or no prior access to financial services. By providing digital loans and other financial solutions, the loan industry is empowering underserved individuals to access services that were previously unattainable or unavailable to them due to no former credit history. This creates opportunities for growth and financial empowerment in customer segments that have immense potential. We also found that the majority micro loan customers who take out a loan earn less than $6.33 per day, underlining our ambition to enable financial opportunities for the financially underestimated and underserved communities.
2. Empowering Financial Choice:
We found out the significance of offering customers a range of financial options. The majority of borrowers choose to withdraw a loan from various loan applications to improve various aspects of their lives, such as household, financial, and personal outcomes that require urgent money. The utilization of loan varied across different markets. For instance, majority of customers in Kenya utilized their loans for costs attached to their businesses, while customers in Mexico and the Philippines predominantly used loans for personal expenses like bill payments and managing day to day household finances. In India, we saw that people utilized their loans to utilize to non-household purposes. As QP emerges, our mission stay the same, to aim to expand underbanked communities.
3. Control over Financial Lives:
Control over Financial Lives: Through our findings, we saw that underserved borrowers gain access to digital loan products, they experience positive transformations in their overall quality of life. A large majority reported that they saw a major drop in their stress caused by lack of finances. Especially women borrowers experienced significant impacts, including increased self-confidence and control over decision-making, leading to greater financial independence. Furthermore, one of the larger part of our vision is to support customers gain confidence, in handling financial emergencies and unexpected expenses.
