IN-STORE financing firm Home Credit Philippines (HCPH) is confident of getting one million customers in the country this year as it continues to expand the number of its retail partners nationwide.
“We are on our way to a million customers,” HCPH chief executive officer Annica Witschard told reporters on Wednesday, noting that they now have 725,000 customers all over the country.
The targeted customer growth for 2017 will be driven by its expansion plans, she said.
HCPH provides customers with in-store financing for gadgets, appliances and other goods. It currently has close to 2,000 partner outlets in 20 provinces in the country and is looking to grow this to around 2,500 to 3,000 stores this year.
Smartphone sales account for bulk of their sales and most of their sales still come from the National Capital Region (NCR), she said.
“It’s really the biggest in terms of retail so of course that’s the biggest where you’ll find the customers,”
Witschard said. “But of course as we expand, we’ll also see the larger cities of Visayas and Mindanao.”
Witschard sees huge growth potential for HCPH in the Philippines due to the country’s rising middle class and the fact that a large chunk of the population remains unbanked, citing data from the Bangko Sental ng Pilipinas (BSP) showing that 86 percent of Filipino households do not have bank accounts.
“So then, of course, looking at the huge mass market of the growing middle class in general in the Philippines that don’t have access to the financial system, so by including them, you know the potential is very, very big,” the HCPH CEO said.
Home Credit Philippines is the Philippine arm of Home Credit B.V., an international consumer finance provider operating in 11 countries. Its core business is non-cash, no-collateral in-store financing of purchases for customers seeking to buy appliances and mobile devices through monthly installments without a credit card.