Search launched for PH trailblazers in digitalization
Paul Favila (left) and Eli Remolona Jr. — PHOTO FROM BSP/CONTRIBUTED PHOTO
MANILA, Philippines — The search for microfinance institutions (MFIs) and microentrepreneurs that are setting the pace in and modeling the successful use of digitalization is now ongoing.
The fourth Digital Financial Inclusion Awards (DFIA), which was launched recently, will recognize four MFIs and 15 microentrepreneurs. These are the ones that have become trailblazers in digital financial transformation. This year’s awards will be presented on Nov. 21.
The awards program aims to recognize the outstanding contributions of MFIs and microentrepreneurs in promoting financial empowerment through digital innovation.
It is an initiative of Citi Foundation, in partnership with the Microfinance Council of the Philippines Inc. (MCPI). The Bangko Sentral ng Pilipinas (BSP) supports the initiative.
READ: ‘Techie’ microentrepreneurs honored; their funders, too
Teodoro Lamang Jr., third DFIA Microentrepreneur Digital Champion, underscores the importance of digitalization in growing small enterprises like his food business.
“Digitalization propelled [my business] to great success, [as it provided] smarter and data-driven solutions,” he says. Lamang. He acknowledges the help of CARD SME Bank Inc., a member of the CARD MRI group, in his adoption of digitalization. He adds that “technologies are enablers.”
Citi Philippines CEO Paul Favila says Citi is “committed to doing our part to help advance economic opportunity and address social challenges.”
He says Citi is working for the betterment of the country, and digitalization will boost BSP’s financial inclusion campaign.
Shifting the focus to success stories
For BSP Governor Eli Remolona Jr., the DFIA is an opportunity to reassure people that “digital finance is not something to fear—it is something to embrace.”
He notes that stories about digitalization often focus on online fraud and scams. He said stories are rarely about “the boring benefits, faster transactions, better financial access and new opportunities” it offers.
This makes small business owners hesitant to adopt new financial technologies.
“While these concerns are valid, they should not hold us back,” Remolona says. The DFIA, he says, will “help shift the focus to real success stories.”
READ: MSMEs champion digitalization to empower poor
He adds that the BSP and its partner agencies are working to make the digital landscape more secure, simpler and more accessible.
MCPI chair Gilbert Maramba says that digitalization not only gave businesses the resiliency to survive the lockdown caused by the COVID-19 pandemic. It also helped them expand after the health emergency.
The DFIA recognizes MFIs that effectively incorporate digital innovations to provide inclusive and efficient financial services to underserved communities. Nominees are evaluated based on digital adoption, measurable impact and contributions to financial inclusion.
Award recipients will each get a cash prize of P100,000 and a laptop to further strengthen their digital transformation. In line with MCPI’s broader efforts to advance financial inclusion, the program will also provide knowledge-sharing opportunities to help more MFIs adopt digital solutions effectively.
Favila says awardees will have greater access to resources and technical assistance to reach their full potential. —CONTRIBUTED
