MFIs leverage digital solutions

MFIs leverage digital solutions | Daily Tribune

The recent third Digital Financial Inclusion Awards (DFIA) celebrated the achievements of microfinance institutions (MFIs) and microentrepreneurs who have leveraged digital solutions to transform their businesses and uplift their communities.

This year’s awardees exemplify how embracing technology can lead to sustainable growth and financial inclusion for underserved populations across the country.

The DFIA, funded by Citi Foundation in partnership with the Microfinance Council of the Philippines Inc. (MCPI), and supported by the Bangko Sentral ng Pilipinas (BSP), highlights the importance of digital transformation in fostering inclusive economic progress.

The event honored outstanding micro entrepreneurs who integrated digital tools into their operations and MFIs that championed innovative financial services.

BSP governor Eli M. Remolona Jr., Citi Philippines CEO Paul Favila and MCPI chairperson Gilbert Stephan S. Maramba led the awarding ceremony.

Capital augmented

Sixteen micro entrepreneurs were awarded P100,000 each in cash prizes, along with laptops to help grow and enhance their businesses.

The winners, representing various industries including food production, retail, and manufacturing, are Jaydee Abraham, Ligaya Arculo, Junbert Bentulan, Gregoria Bernabe, Helen Cedullo, Shanie Lou Depalubos, Hayreen Ecura, Ma. Lourdes Endriga, Teodoro Lamang Jr., Jessica Lavarias, Sunshine Genevive Mollintas, Ricardo Santos, Layzel Soto, Jaeme Tagle, Renalyn Tatad and Melanie Torres.

Meanwhile, four institutions were recognized and awarded P100,000 in cash incentives to further enhance their digital financial programs.

The awardees included Alalay Sa Kaunlaran Microfinance Social Development Inc., Community Economic Ventures Inc., RAFI Micro-Finance Inc. and Tulay Sa Pag-Unlad Inc. Additionally, BPI Direct BanKo Inc. and the National Confederation of Cooperatives received special citations for their pioneering digitalization efforts.

“You have all shown how digitalization can unlock huge inclusion opportunities. Your efforts help build a future where financial inclusion is not just a buzzword but a reality for everyone,” BSP Governor Eli M. Remolona Jr. said.

Citi Philippines CEO Paul Favila shared his admiration for the awardees, saying, “As you receive your awards today, know that you are not just receiving recognition for your hard work and achievements, you are also paving the way for others to follow in your footsteps. You are leaders in the digital revolution that will continue to shape the future of microenterprises and financial inclusion for years to come.”

On the ongoing digitalization journey, Favila added, “The tools we use today will evolve, and new technologies will continue to emerge, presenting fresh opportunities for growth and collaboration. It is crucial that we continue to invest in digital literacy, technological infrastructure, and inclusive policies that ensure no one is left behind in this digital transformation. As we move forward, we must prioritize sustainability, equity and innovation to ensure that the benefits of digitalization reach all corners of society.”

The DFIA continues to inspire micro entrepreneurs and MFIs to embrace digitalization, paving the way for sustainable economic development and inclusive growth across the nation.

The DFIA program is an evolution of the Citi Microentrepreneurship Awards that enables Citi Foundation and MCPI to continue raising awareness about the importance of microentrepreneurship and microfinance in supporting financial inclusion and economic empowerment of low-income individuals.