Microfinance institutions serve as a lifeline for many entrepreneurs amid challenging times. With more and more companies looking for support, Globe Business is making 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 their program by tapping Globe Business to demonstrate how the quick pivot to digital technology can help businesses succeed.

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“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.

The future of microfinancing is digital

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 are:

• Cloud technology can be a boon to institutions rendering financial services, as it will enable them to provide seamless transactions to customers thru 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 that their customers can fulfill their financial obligations on time, with convenience, and much safer amid varying community quarantine protocols.

• More reliable internet connectivity and communication solutions are absolutely essential so that financial institutions can stay connected with their customers to support their transaction needs or to keep them engaged and happy with updates and rewards.