For many financially-challenged entrepreneurs and organizations, microfinance institutions serve as their lifeline for financial support and services to bridge their needs during crises. With more and more companies looking for support, Globe Business is stepping up to make microfinance more accessible through a partnership with the Microfinance Council of the Philippines (MCPI).
The MCPI is a national network of microfinance institutions and organizations working together to alleviate poverty in the country through sustainable, innovative, and client-responsive solutions. It conducts programs that build its members’ capacity to assist poor households with financial and non-financial services.
Recognizing that adaptability is key for companies to survive and thrive in this current landscape, MCPI has decided to include “Digitalization and Modernization” as part of its program by tapping Globe Business to demonstrate how the quick pivot to digital technology can help businesses succeed.
The Future of Microfinancing Is Digital
As an expert in digital solutions, Globe Business hosted a session at the recent MCPI Annual Conference to discuss the importance of digital adoption, current trends, and solutions that will ultimately help future-proof financial service institutions. Among the key learnings were:
- Cloud technology can be a boon to institutions rendering financial services, as it will enable them to provide seamless transactions to customers through online or mobile banking channels. In addition, shifting to cloud-based virtual servers can reduce potential business downtimes in case of emergencies or unforeseen events.
- Cashless payments can help financial institutions speed up transaction processes, so their customers can fulfill financial obligations on time, with convenience, and much more safely amid varying community quarantine protocols.
- Reliable internet connectivity and communication solutions are essential, so financial institutions can stay connected with their customers to support their transaction needs or keep them engaged and happy with updates and rewards.
“The MCPI is excited about its partnership with Globe Business in empowering local microfinance institutions and making financial services more inclusive to Filipinos. With Globe’s expertise and its stellar reputation as a trusted partner of financial institutions, we can count on them to provide crucial industry insights and learnings to help our members thrive during this unprecedented time in history,” said Allan Sicat, Executive Director of MCPI.
"As a staunch supporter of the financial services industry, Globe Business will continue to equip microfinance enterprises with the right technology and digital solutions so that they can continue to pave a brighter future for fellow Filipinos who are struggling financially," said Bradley Pineda, Industry Manager for Financial Services of Globe Business, MSME Group.
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