As digitalization in the business sector
remains a major strategy for growth and financial inclusion in the Philippines,
the Digital Financial Inclusion Awards (DFIA) returns on its third year to
recognize the achievements in digital transformation of the country’s most
outstanding microfinance institutions (MFIs) and microentrepreneurs. The
financial inclusion awards program is made possible by Citi Foundation, in
partnership with the Microfinance Council of the Philippines, Inc. (MCPI) and
supported by the Bangko ng Sentral ng Pilipinas (BSP).
More than just honoring the excellent
efforts of MFIs to adopt digital transformation, the DFIA also aims to highlight
efforts on expanding digital financial services to poor households by
incorporating digital solutions in the products or services offered. It
includes customer-centric solutions, business and technology agility, and
product and service innovation, while inspiring other microentrepreneurs and
MFIs to embark on their own digitalization journey leading to business growth
and livelihood opportunities for many Filipinos.
The program launch was led by BSP Governor
Eli M. Remolona Jr., MCPI Chairperson Gilbert Maramba, Citi Philippines CEO
Paul Favila, together with the first DFIA Digital Champion on Microentrepreneur
Category, Ms. Phoebe Borce.
BSP Governor Remolona said, “Digitalization
serves as a bridge that connects the financially underserved segments of the
population to providers of formal financial services. It does so in a manner
that allows greater efficiency of financial transactions that fuel and
accelerate economic growth. Let us therefore build more digital bridges so that
everyone may enjoy the benefits of financial inclusion.”
MFI winners will be chosen based on the
types of adopted digital solutions, measurable outcomes on digital solutions,
and institutional/client benefits of digitalization. Meanwhile,
microentrepreneurs will be nominated by the MFIs based on success stories,
types of digital solutions used, and measurable results on digital solutions.
The National Selection Committee is composed of representatives from the
government, business sector, media, and academia, and is co-chaired by heads of
the BSP and Citi Philippines. Four MFIs and fifteen microentrepreneur winners
will be selected as digital champions for the third DFIA.
The program includes learning exchanges and
technical assistance for MFIs as part of MCPI’s awareness and readiness
campaign. An awarding ceremony will be held to recognize the winners on
November 8, 2024.
The winners will be awarded cash incentives
(PHP100,000 for each winner) and provided laptops that can be used to enhance
their digital financial services program.
“Citi Foundation
invests in efforts that increase financial inclusion, economic opportunities
for the youth, and develop community solutions because it leads to economic
empowerment and opportunities for low-income communities and individuals around
the world. With the DFIA, we are able to support the nation’s pursuit of
financial inclusion through digitalization. We hope that this will serve as
inspiration for the microfinance industry and MSME sector to continue
innovating their services for Filipinos and help transform the country into a
more financially inclusive and resilient society,” said Citi Philippines CEO
Paul Favila.
“The impact of digitalization
is seen everywhere around the world. This transformation not only allowed MFIs
to help clients thrive, especially during crucial times, but most importantly,
it has helped the institution in bringing more transformative change to
businesses and help them succeed in today’s challenging business world,” said
MCPI Chairperson Gilbert Maramba.
Aligned with the
central bank’s push to promote financial inclusion nationwide, 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 digitalization and
economic empowerment of low-income individuals.
