Digital lending disbursement volume rose 31%, crossing 2.2 crore loans in Q1 FY24: Report
Digital lending picked up at a stellar pace in the first quarter of the financial year (Q1 FY24), with volumes recording annual growth of 31%, while value rose 32%, according to a report by the Fintech Association for Consumer Empowerment (FACE).
FACE launched the 7th edition of its FACETS report on Monday, analysing disbursement data from 36 member companies.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitAccording to the association’s report, member companies disbursed 2.2 crore loans during Q1 FY24, an increase of 31% from Q1 FY23 and a 16% increase over the previous quarter.
Meanwhile, disbursement value increased 32% in Q1 FY24 from the same period last year to reach Rs 29,875 crore, as against Rs 22,682 crore last year.
Overall, the average ticket size in Q1 FY24 stood at Rs 11,043, though there is considerable variation across companies.
Three-fourths of the companies reported positive annual growth over the comparable quarter in FY23, the report said.
With the Account Aggregator framework shaping up, fintech lenders are quickly embracing it. More than a fourth of FACE member companies are already leveraging the AA framework, disbursing nearly 4% of their loans through the same.
“As the fintech lending industry scales and innovates with a much larger, complex, and diverse supply side consisting of banks, NBFCs and LSPs, our new upgraded Code of Conduct put the industry in good stead by unifying the market
