LETSHEGO : AFRICA FULL YEAR RESULTS 2023 - FACT SHEET Thurs21Mar2024

PRELIMINARY UNAUDITED FULL YEAR RESULTS 2023

Fact Sheet

December 2023

LETSHEGO AFRICA LIMITED

Financial Highlights

The Board of Directors of Letshego Africa Limited ("the Group"/"Letshego Africa") herewith presents an extract of the unaudited consolidated financial results for the ended 31 December 2023.

Interest income	Insurance revenue
up	9%	up	46%
yoy to P3.42 billion	yoy to P363 million
(2022: P3.15 billion)	(2022: P249 million)

PHILIP ODERA

Chairman

Letshego Africa Limited

"The Group continues to operate in a challenging global macro environment, however we have continued to prioritise resources for markets that are primed for growth. Against this backdrop, we remain confident in our ability to navigate the opportunities before us including the strength of our core product proposition to drive sustainable growth and deliver value to all stakeholders."

Total income	Interest expense
up 7%	up 23%
yoy to P3.94 billion	yoy to P1.69 billion
(2022: P3.68 billion)	(2022: P1.38 billion)

Profit	Total	Net customer
before tax	assets	advances
down 82%	up 8%	up7%
yoy to P121 million	yoy to P18.11 billion	yoy to P13.49 billion
(2022 Restated: P684 million)	(2022 restated: P16.72 million)	(2022: P12.65 billion)
Before	Before	Before
adjustment and FX	adjustment	adjustment
down 6%	up9%	up 8%
yoy to P756 million	yoy to P18.41 billion	yoy to P13.78 billion

AUPA MONYATSI

Group Chief Executive

"Letshego's core operating performance was resilient.

We achieved strong top-line growth across a number of our business segments including insurance and mobile lending, reporting pleasing loan growth of 9% year on year. Excluding the once-off adjustments and FX impact, the Group's performance would have largely been in line with expectations."

(2022: P801 million)

(2022: P16.9 billion)

(2022: P12.73 billion)

East & West Africa markets

Local Currency Performance Highlights Profit before Taxation

GHANA

432%

year-on-year*

• following restatement under IAS29, a loss before tax of P62.9 million was incurred.

RWANDA

9%

year-on-year

Southern Africa markets

Local Currency Performance Highlights

Profit before Taxation

MOZAMBIQUE

15%

year-on-year

Interest income (Top Line Growth)

BOTSWANA

4%

year-on-year

NAMIBIA

13%

year-on-year

LESOTHO

6%

year-on-year

ESWATINI

15%

year-on-year

DAS	Mobile lending	Insurance	Total
income	income	revenue	deposits
7%	307%	46%	37%
yoy to P2.67 billion	yoy to P195 million	yoy to P363 million	yoy to P1.5 million
(2022: P2.50 billion)	(2022: P48 million)	(2022: P249 million)	(2022: P1.1 million)

LETSHEGO GROUP FULL YEAR RESULTS 2023

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Executive summary

Sub Saharan Africa economic recovery slowed for the second year in a row, recording an estimated growth of 2.9% in 2023 relative to 3.6% in 2022. Growth is still and will remain uneven across the region. Monetary and fiscal policies varied materially across our presence markets as Sovereigns responded variously to local economic challenges and prevailing headwinds during the year. Economic outlook for the region is positive; GDP is projected to accelerate to 3.8% in 2024 and 4.1% in 2025. Ripples from the geopolitical tensions, rising risk of debt distress, and climate related shocks are the main risk vulnerabilities to the region's economic prospects in the near term.

Strong underlying business performance

Policy tightening continued during the year with monetary policy rates increasing in 7 out of our 11 presence markets. Currencies were under pressure throughout the year; Nigeria and Kenya recorded material currency depreciation in 2023. Currencies across our markets are projected to remain under pressure in 2024 through to 2025 potentially setting back the inflationary dampening experienced in 2023.

Our business fundamentals stayed strong despite these challenges with 7% growth in net advances year on year. This strong balance sheet momentum stemmed from our core Government Deduction at Source ("DAS") product growth which has been our mainstay over the years. Our Southern African markets, specifically Mozambique, Botswana, Namibia, and Lesotho supported the pleasing Deduction at Source performance with year-on-year net book growth of 7%. Deposit growth was strong at 37% year on year, albeit off a low base.

Together with DAS, positive mobile lending and insurance arrangements momentum continued to contribute positively to business performance. Non funded income was buoyed by income from insurance arrangements which increased by 46% year-on- year to P363 million. The Group's Mobile lending income increased by 307% year-on-year, with strong performance recorded in Ghana. The Group recorded strong top- line growth of 9% year on year, but due to continued interest rate pressure, a marginal 2% decline was observed on operating income on a year-on-year basis.

However, certain one-offs affected the Group's results during the year. The Group's auditors determined that loans in the Stage 3 maturity bucket should not be discounted in the calculation of Expected Credit Losses ("ECLs"). While this is an area of judgement and subject to different interpretations, the Group agreed to accept the auditor's view of this estimate, to be more prudent in the calculation of ECLs. This was re-worked for 2023 and prior years and applied retrospectively as required by accounting standards, resulting in a P128 million ECL adjustment in the current year and a restatement of prior year financials. Further to this, in 2023, EY Global and other firms, determined Ghana to be a hyperinflationary economy, although this is disputed by the Institute of Chartered Accountants of Ghana ("ICAG"). EY required the Group to adjust for this, resulting in a net monetary loss of P149.9 million being included in the Group's performance. Moreover, foreign exchange

volatility remained a concern, particularly in Nigeria where there was a sharp devaluation of the official exchange rate from 1USD:NGN463 to 1USD: NGN523 by June last year. The Naira lost further value in H2 2023, hovering between NGN 800-1 000 to the United States dollar and further movement has been seen in the current year. With the continued exchange rate volatility across our markets, foreign exchange losses moved by P143 million year on year from a gain of P91 million last year, to a loss of P52 million in the current year.

Against this backdrop, the Group achieved a profit before tax of P121 million, compared to a restated profit of P684 million in 2022. While the Group's strategy implementation to 2025 has been somewhat delayed by the headwinds that started during the Covid era, strong progress continues to be made on the 6-2-5 strategy. We are consolidating the business and transitioning to optimise structures, including digital self-service to further our sales growth and strengthen our collection and recoveries capabilities.

Regional Performance

(Southern Africa/East and West)

In early 2023, we restructured subsidiaries into two units: "Fit for Growth" (F4G) and "Turnaround Markets" (TAM). Fit for Growth markets include Botswana, Namibia, Mozambique, Uganda, Lesotho, and Eswatini. TAM countries encompass Ghana, Tanzania, Kenya, Nigeria, and Rwanda. This restructure aimed to prioritise resources for TAM markets to unlock their potential. Last year, the Group focused on revitalising its East and West Markets with a reset strategy for the MSE segment, streamlined operations, and growth in the Mobile lending portfolio and DAS business. Despite challenging economic conditions in some markets, often driven by increased food and energy prices, we achieved a marginal year on year net book growth of 2% to P3 billion (2022: P2.8 billion).

The Mobile lending product was a key growth driver, increasing the net loan book by 92% to P692 million. The MSE segment faced challenges due to high inflation levels, prompting the implementation of a strategic reset strategy with shorter loan tenors. This led to a 38% decrease in net loan book values for the MSE segment. However, we anticipate that this adjustment will pave the way for a more sustainable business in these markets in the coming year.

Southern African markets maintained steady 7% net loan book growth. In these markets, Mobile lending grew by 81% to P110 million, while the DAS loan portfolio increased by 3% to

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P10 billion. Mozambique's loan book grew by 24% to P2.5 billion, and Botswana's net loan book increased by 7% to P3.5 billion. Southern African markets also expanded the customer base by 14% to 967 522, driven by strong growth in Botswana's Mobile lending segment.

In our largest market, Botswana, strong underlying business performance led to a 15% growth in Gross Loans and Advances, driven mainly by Government Deduction at Source. However, this was offset by increased Expected Credit Losses for a newly introduced "test and learn" Individual Non-DAS loan portfolio, which experienced challenges in collections. Additionally, system migration at the central deductions clearing partner resulted in technical defaults on some loans, leading to increased impairments in the Government Deduction at Source portfolio. Key lessons were learnt from this portfolio, from which we expect to leverage going forward.

The business is leveraging lessons to enhance overall Group collection capability and technology, aiming for improved performance in this portfolio in full year 2024. Anticipated improvements are expected to deliver continuing business value. Botswana restructured its banking debt profile to support competitiveness in our core DAS product and diversified business growth with Mobile lending and Affordable Housing product lines. We are pleased to note improved local market liquidity due to changes in offshore investing regulations.

Looking Ahead

Baseline outlook for regional economic prospects for 2024/25 is positive. The Regional GDP is projected to accelerate to 3.8% and 4.1% respectively for 2024 and 2025. Risks are to the downside. The region remains vulnerable to climate related shocks while a number of countries carry increasing risk of debt distress. Continuing geo-economic fragmentation and risk of escalation of geopolitical tensions and regional conflicts pose severe headwinds to the region. Five of our presence countries will hold their national elections this year. Social political risks from these elections are assessed as low. Policy continuity is rated high.

Business fundamentals remain sound despite the downside impact of adjustments to expected credit loss (ECL) that arose from material professional judgments in the year, and other once offs.

In 2023, our operations were affected by, once offs as well as foreign exchange fluctuations and inflation-induced volatility, especially in Nigeria and Ghana. We anticipate these challenges to

persist in the first half of 2024 and expect it to taper off in the second half, contingent on macroeconomic conditions. We will navigate the macroeconomic landscape by executing our commercial strategy and improving our collections, including accelerated portfolio remediations.

Our core deduction at source product and insurance offerings remain steadfast in providing financial security to underserved customers. We are dedicated to offering accessible, competitive Mobile lending products, empowering individuals financially. We are enhancing our product portfolio leveraging insights from our test and learn programs of 2022/2023.

Despite headwinds in FY 2023, we are confident they are behind us, equipping us to navigate 2024's opportunities while managing ongoing challenges. We will continue to build on our digitalisation strategy to scale sales growth. Our goal remains to drive sustainable growth and deliver value to all stakeholders.

From a product focus perspective, our mobile lending portfolio is set for growth, supported by strong partnerships with mobile service providers. We are committed to providing accessible and competitive mobile lending products to empower individuals and businesses. Additionally, our core deduction product and insurance offerings will continue to provide financial security to underserved customers.

We aim to leverage lessons from our test and learn program to strengthen collections and recoveries, allowing us to write back adjusted amounts identified from the recalculation of ECL in 2023. Furthermore, we anticipate accelerating payment capabilities on our digital platform and continued momentum in our deposit services, meeting customers' digital needs for reliable and secure financial management.

With a focus on customer-centric innovation and digitalization, we strive to enhance the accessibility and convenience of basic financial services, reinforcing our position as a trusted financial partner that improves lives. Overall, we are confident in our ability to navigate the opportunities and challenges of 2024, leveraging a positive economic environment and the strength of our core product proposition to drive sustainable growth and deliver value to all stakeholders.

LETSHEGO GROUP FULL YEAR RESULTS 2023

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FINANCIAL OVERVIEW AND HIGHLIGHTS

DECEMBER 2023

Net interest	Non-funded	Profit before
income	income	tax
down	down	down
2%	3%	82%
to P1.72 million	to P514 million	to P121 million
(FY 2022: P1.76 billion)	(FY 2022: P529 million)	(FY 2022 Restated:
		P684 million)

Loss after tax	Net	Total
of P149 million	advances	assets
down	up	up
142%	7%	8%
(FY 2022 Restated: Profit	to P13.5 billion	P18.11 billion
P352 million)	(FY 2022 Restated:	(FY 2022 Restated:
	P12.7 billion)	P16.7 billion)

Customer	Loan loss	Cost-to-	Effective tax
deposits	ratio	income ratio	rate (ETR)
up	of	of	of
37%	3.3%	74%	223%
P1.5 billion	(FY 2022 Restated: 0.2%)	(FY 2022 Restated: 61%)	(FY 2022 Restated: 49%)
(FY 2022 Restated:
P1.1 billion)

Basic loss	Loss on Equity	Capitalisation	Debt-to-
per share	(ROE)	ratio	equity ratio
(9.3) thebe	of	24%	of
(3%)	183%
(FY 2022 Restated:	(FY 2022 Restated: 30%)
Basic Earnings per Share	(FY 2022 Restated:		(FY 2022 Restated: 144%)
Return on Equity of 6%)
13.4 thebe)

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Statement of profit and loss review

TOP LINE GROWTH AND NET INTEREST INCOME

The Group recorded strong top line growth of 9%, but interest expense remained high and increased by 23%, impacted partly by the change in policy rates on the back-book and growth in funding. Market rate increases were more aggressive than expected, both in quantum and the length of the cycle. Regulatory changes in Mozambique increased liquid asset requirements from 11.5% to 28.5% in February 2023 and a further increase to 39.5% in May. Net Borrowings increased year-on-year by P1.6 billion while deposits increased by P417 million.

NON-FUNDED INCOME

Non funded income down overall by 3% to P514 million, However, excluding the net foreign exchange gain in 2022, non-funded income grew by 17%. Good traction continued on insurance arrangement income which was up 46% year- on-year to P363 million.

TOTAL OPERATING EXPENSES

Total operating expenses, comprise staff costs and other operating expenses, and went up by 20% year on year. Other operating expenses increased to 31% year on year but included the loss on net monetary position of P149.9 million referred to above and a net foreign exchange loss of P52 million. If these are stripped out, the year-on-year increase reduces to 5%. Similarly, staff costs carried a once-off restructuring cost of P70 million as the Group sought to right size its operations, while bringing in resources necessary for the strategy implementation. Excluding restructuring costs, staff costs were down by 8% year-on-year.

LOSS AFTER TAXATION

The Group posted a loss after tax of P149 million, largely caused by extraordinary items. While the underlying business fundamentals remain strong, major adjustments are as follows:

• During the second half of the year the Group classified Ghana as a hyperinflationary economy, following various global bodies assessment of the economy to be hyperinflationary for the 2023 financial year and thereafter. Consequently, the results of the Group's activities in Letshego Ghana Savings and Loans PLC were prepared in accordance with IAS 29 "Financial Reporting in Hyperinflationary Economies". This impacted Group profitability through inflation adjustments amounting to P128 million.
• Additionally, in 2023, the Group determined that the calculation of the Expected Credit Loss Allowances for financial years 2019 to 2022, was not prudent due to the inclusion of a discount factor to Stage 3 exposures. This error was corrected retrospectively in accordance with IAS 8 "Accounting policies, Changes in accounting estimates and Errors" and has had the impact of reducing opening retained earnings by approximately P72.6 million and current year profitability by P128 million.

EFFECTIVE TAX RATE ("ETR")

ETR was 223% for the year ended 31 December 2023. The large ETR was primarily due to the significant decrease in profitability caused by the extraordinary items which saw PBT decreasing by 82% to P121 million from P684 million in the prior year. ETR is a function of PBT and the absolute tax charge. The tax charge of P270 million reduced by 19% year- on-year, despite including the write-off of deferred tax assets of P66 million relating to the merger of the Tanzania entities. The Group successfully extracted P799 million of dividends from subsidiaries, up 13% from prior year.

LETSHEGO GROUP FULL YEAR RESULTS 2023

5

STATEMENT OF PROFIT AND LOSS REVIEW (continued)

Asset Quality

Non-performing loans (NPLs) increased to 9.6% of gross loan book as at December 2023 (FY 2022: 6.5%) while PAR 30 increased to 14.4% from 9.2% in 2022. The movement was mainly driven by environmental risks and sub optimal performance of test and learn programs introduced since 2021. Increase in NPLs was more pronounced in Botswana driven mainly by Individual lending product that failed to meet product assumptions. In Kenya mobile loans test and learn program launched in 2023 faced early headwinds with collections bottlenecks and rapid shift in customer behaviour. Additionally, introduction of new statutory levies during the year

eroded customer disposable income and affordability impacting loan deductions for the DAS book increasing the NPL. In Mozambique, transition to single central registry by the government was not smooth. A significant portion of our exposure to the army and the police dropped off payroll deductions. Remediation of this portfolio took much longer and was not complete as at year end 2023. The Group has put in place robust portfolio remediation strategy to accelerate collections and recoveries momentum in 2024. Our credit risk management capability is sound, our risk governance is strong, and our risk infrastructure is optimal.

Asset Quality: Tabulated summary

Measure	FY2023	FY2022	FY2021	FY2020	FY2019
Gross Loan Book Balance in P'm	14 346	13 132	12 439	10 740	9 833
Portfolio at risk - 30 days		9.2%	9.2%	8.3%	10.0%
14.4%
Portfolio at risk - 90 days (NPL)	9.6%	6.5%	5.9%	5.3%	6.9%
Post Write-off Recoveries in the year in P'm	162	147	178	199	184
Loan loss rate - actual	3.3%	0.5%	(0.1%)	0.3%	1.7%
Loan loss rate - excluding once-off items	2.0%	0.2%	0.6%	1.8%	1.7%
Non-performing loan coverage ratio	58%	53%	73.0%	98%	112%

Expected Credit Losses

During the year our external auditors changed their professional view and judgment on discounting of stage 3 ECLs. In prior periods Letshego had discounted ECLs across all the three stages of the portfolio. In 2023, their view was that discounting should not be applied to Stage 3 ECLs as default has already occurred. Management concurred with the change in professional view and judgement for prudence. ECL coverage has increased as a result. This will allow the business to align to its risk appetite.

Increase in Expected credit losses for the year was also driven by uptick in delinquencies on a test and learn program in Botswana and operational challenges from some central registries that impeded timely deduction and remittance of DAS Loan instalments. Provisioning levels are aligned with the Group's credit risk profile. Group portfolio mix remains flat with Deduction at Source accounting for 88% of the book in 2023 (FY2022: 88%). Deduction at Source portfolio is mainly composed of exposures to central and quasi government employees. Collections rates on the Group DAS portfolio is consistently above 90%.

Impairments charge on loans and advances

Impairments charge increased by 111% to P 457 million. The loan loss ratio (LLR) increased to 3.3%, driven by increases in defaults in the open market test and learn portfolio and the correction of IFRS 9 stage 3 discounting error, which increases the coverage on new business and mature businesses, mostly in Non-deduction at source (DAS) portfolios .This was deteriorated further by the change in treatment of long dated defaults especially in the MSE space which are impacted by long foreclosure processes. These are secured portfolios. The core business (85% government DAS) continues with low LLRs reflecting growth and high quality of the portfolio across all our businesses despite external operational pressures such as change/upgrades of central registries.

The impact of this on the Group's financial results, was a loss of approximately P128.7 million.

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Funding and Liquidity

Wholesale and Institutional Funding

Total debt increased to P9.6 billion (2022: P8.0 billion). Wholesale funding made up 49% of Letshego's total funding portfolio

(2022:53%), while Development Finance Institution (DFIs) funding constituted 27% (2022: 26%).

Bonds constituted 24% of total funding, up from 21% in 2022. The Botswana Stock Exchange bond programme remained relatively stable at P1.65 billion up from P933 million in 2022. During the year, Mozambique had a landmark bond issuance on the Mozambique Stock Exchange with record corporate value of P281m (MZN1.3bn). This was 2.6 times over-subscribed and brought diverse investorship. Namibian bonds stood at P277 million while Ghana bonds amounted to P221 million at the end of the year. Namibia and Ghana bonds decreased year-on-year, as the Group matured high-cost bonds in a bid to manage cost of funds.

In order to curb fluctuations in cost of funds and considering the tightening monetary policy cycle, the Group made every effort to secure fixed rate funding. Fixed or indexed debt structures increased from P3 billion to P4.4 billion year and year and made up 46% of total debt compared to 37% in 2022. Variable interest rate debt constituted 54% of total debt at P5.2 billion. This was an improvement from 63% in 2022; a year which saw significant volatility in exchange rates, contributing to the high interest expense. The Group actively hedged foreign currency floating rate facilities to fixed rate using Cross Currency Swaps.

Overall, the average cost of borrowings increased to 13.0% (2022: 11.6%) during the reporting period, driven by the above mentioned macro- economic factors which were mitigated by effective management actions to restructure the balance sheet.

Liquid assets increased to P1.4 billion (2022: P1.0 billion) as the Group managed balance sheet efficiencies amid rising cost of funds. Investment securities constitute bonds and bills used to meet regulatory requirements and secure collateralised debt in certain markets. The Group increased these holdings to P867 million from P692 million in 2022.

LETSHEGO GROUP FULL YEAR RESULTS 2023

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Strategic overview

Product diversification

Lending

Deduction at Source ("DAS")

In 2023, the DAS net loan book increased by 5% year-on-year to

P11.9 billion. Interest income increased by 7% to P2.7 billion (2022: P2.5 billion). Mozambique drove growth, increasing its net loan book value by 24% to P2.5 billion, while Botswana saw a 7% increase to P3.5 billion, with a 4% rise in customers to 37 209. Rwanda launched its DAS business in 2023.

With over 29% increase in DAS customers transitioning to the Digital Mall platform and over 78% initiating loans through digital channels, enhancements to digital channels and engagement campaigns remain top priority. The Group remains committed to expanding LetsGo@Work proposition - a comprehensive offering including housing, insurance, and wellbeing services alongside core Deduction at Source lending, tailored for governments, corporates, and their employees.

MSE & Programmatic Lending

The MSE and Programmatic Book decreased by 16% year-on-year to P814 million, while interest income year-on-year remained flat at P269 million (2022: P270 million) following the Group's strategic reset to shorten MSE loan tenors and build a more sustainable business. In the upcoming year, our efforts include expanding our affordable housing loan product in Namibia and Botswana. Collaborations with development funding institutions and technical assistance partners will facilitate diversification efforts.

Mass Mobile Lending

The mobile loan book increased by 90% year-on-year to P803 million, with loan income increasing 307% to P195 million (2022: P48 million). This improved performance is attributed to expanding the Mobile lending offering to Botswana, Kenya, Nigeria, and Tanzania. Customer uptake increased by over 1 million to 6.4 million.

In 2024, our focus will be on developing and strengthening collaborations with key partners in the mobile network operator sector and credit data space. We plan to bolster existing partnerships and expand our solution into additional markets throughout the year.

Savings and Deposits

Total deposits increased by 37% to P1.5 billion (2022: P1.1 billion). Namibia and Ghana experienced notable growth of 50% and over 800%, respectively. Although corporate deposits remain prominent, having increased by 56% to P865 million, the retail customer segment, also grew by 19% to P673 million (2022: P565 million). It remains a key focus of the Group to increase retail savings and transactional deposits through key strategic partnerships with MNOs to enhance interoperability and drive scale. Despite the increase in policy rates across the markets, the cost of deposits reduced to 11.5% (2022: 12.3%), driven by a shift in the mix of franchise deposits.

The number of savings customers grew by 11% to 1 million in 2023, with over 60% of this growth facilitated through partnerships with MNOs. The average deposit for a retail customer was P642 and was P79 for a micro-saver. The Group focuses on three digital savings products: transactional, flexi savings, and term deposits, available in Namibia and Nigeria through our Digital Mall. In 2024, deposit growth will be driven by partnerships with MNOs, payment integrations, and secure transactions.

Insurance

Insurance revenue increased by P114 million (46%) to P363 million in 2023, driven by the expansion of embedded insurance across multiple markets and the introduction of new offerings such as health, credit life, and family protection. Moving forward, the Group intends to underwrite its own insurance business through cell captive arrangements in all markets, which is expected to further boost insurance earnings.

Payments

In 2023, mobile and digital payments increased by 73% to P294 million, driven by expanded digital payment capabilities on the Digital Mall and increased adoption across Southern and West Africa. Conversely, card transactions declined by 28% to P204 million, reflecting a shift towards digital and mobile payment methods.

The rise in digital payments also boosted retail savings in Namibia by 19% to P31 million. Looking ahead to 2024, our focus will be on enhancing payment capabilities, particularly in e-wallets and cards, across our deposit markets. This includes integrating with strategic partners for value-added services and utilities, as well as enhancing customer journeys on the Digital Mall to drive digital payment adoption and convenience.

Lifestyle

The Group is dedicated to empowering its customers to lead healthier lives through its Wellbeing products on the digital mall. These products offer dynamic physical and mental health podcasts, alongside enriching content on healthy eating. Usage increased by 12%, reaching 28 000 users, with over 55% being female and the highest adoption rate among those aged 30-45 years. Content is developed through strategic partnerships with health fintechs, ensuring high-quality, relevant information. Moving forward, the Group will enhance its Lifestyle value proposition, seeking to further benefit customers through lending solutions and explore innovative ways to provide added value.

Digitalisation

We are pleased to report a significant surge in registrations on our digital mall, reaching 3.5 million customers in 2023, compared to

1.1 million in 2022. 477,743 are active customers, representing a 13.2% activity rate. 19.8% DAS customers initiated the core loan product on the Digital Mall, marking a substantial increase from 9% in 2022. The Digital Mall revenue soared to P462 million in

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