Touch n Go eWallet is about to introduce a quick loan feature through their app, called GoPinjam. Sharing data in this regard, the Ministry of Finance now states that a total of 88,620 individuals have obtained loans through GoPinjam until the end of March 2023, leading to a total of RM91.1 million.
Of that figure, 55% are those under the age of 30, and get an average loan of RM1,500 each.
However, it is still not known how many loans are made by users through services such as Shopee S-Loan.
With the offering of loan facilities through the application, it leads to the concern that many may be entangled with loan debt. The Ministry of Finance stated through an answer in Parliament, that all financial institutions regulated by BNM must comply with the requirements outlined by BNM in ensuring fair treatment to consumers, and protecting consumers from excessive debt burden.
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BUSINESS & MONEY