The insightful 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%, this market exhibited rapid attraction of its target audience, showcasing consistent exponential growth without significant turning points.
The comprehensive research underscores Robocash’s unwavering 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 boast lightning-fast approval times, offering innovative features and promising fund disbursement within minutes of application submission.
Others prioritize 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.
The growing popularity of these apps is propelled by their accessibility and inclusivity.
They empower users by providing immediate access to crucial financial information, interest rates, and terms, allowing swift and informed decision-making without external consultations.
This accessibility has widened the lending landscape, extending financial solutions to underserved segments such as small farmers, women entrepreneurs, and rural households.
Responding to regulatory gaps, the Central Bank of Sri Lanka plans to create a Credit Regulatory Authority, which aims to enhance oversight for credit firms, including digital lenders, improving industry practices.
Commenting on the research, Mr. Konstantin Bereutsyn, Country Manager of Robocash Sri Lanka emphasized:
“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.”
He further echoed the reminder from the Digital Alternative Lending Association (DALA), of which Robocash is a member, for customers to solely engage with legitimate financial institutions for secure and ethical transactions.