About

3 MICROFINANCE INSTITUTIONS RECEIVES $$$$-GRANT BY THE FIT PROGRAM

On June 14, 2024, The Fintech for Inclusion Transformation (FIT) Program has once again reached an important milestone. To fund their respective digital transformation solutions, three (3) Microfinance Institutions or MFIs were awarded with matching grants amounting to a total of $_______ U.S. Dollars. Previously this year, ADB has awarded nine (9) rural banks and one (1) consortium with a grant worth $655,000 U.S. Dollars in hopes of broadening the reach of financial inclusivity. 

​

The contract signing was led by SGV Assurance Partner and FIT Program National Program Manager Mr. Ray Francis Balagtas, witnessed by the FIT Program Chairwoman Ms. Kelly Hattel, FIT Program Principal Digital Finance Specialist, Ms. Lisette Cipriano, Microfinance Council of the Philippines (MCPI), Director Allan Sicat, and various stakeholders. 

[MNRC TALK CONTENT] 

[MCPI TALK CONTENT] 

The following MFIs are officially awarded by ADB are listed below 

1. Alalay sa Kaunlaran Microfinance Social Development Inc. 

1. Tulay sa Pag-unlad, Inc. (A Microfinance NGO) 

1. Ramon Aboitiz Foundation Microfinance Inc. 

With ADB providing the push to enable the grantees to realize their solutions, the awarded MFIs can now reach the unbanked, unserved and underserved sectors. The awardees have proposed mobile banking app and loan origination system as their digital transformation initiatives of increasing financial inclusion.