PayJoy Powers Progress: Smartphone Finance Unlocks Credit Access for 13 Million | PR Newswire [Video]

Ethical lending ensures greater financial stability for millions of underserved around the world

, /PRNewswire/ — PayJoy, a top financial service provider to the underserved in emerging markets, has announced key milestones in its 2024 PayJoy Impact Report. With over 13 million customers served globally, this report highlights significant progress in PayJoy’s mission to drive financial inclusion and economic empowerment.

Key milestones include:

30% Customer Growth: PayJoy’s customer base grew 30% year-on-year to 13 million in 2024, driven by its innovative “Device-as-Collateral” financing model, empowering individuals often excluded from traditional credit due to informal employment or lack of credit history.

50% New-to-Credit Customers: 50% of PayJoy users accessed credit for the first time through its platform, a significant increase over the previous year’s 40%. This credit provides greater financial stability, especially when facing emergencies like medical expenses.

6% Income Increase: UC Berkeley researchers highlight a 6% average income increase for PayJoy customers. In Colombia…