Smart joins microfinance advocates

MANILA, Philippines - Smart Communications Inc. has joined forces with the Microfinance Council of the Philippines (MCPI) to help promote the rapid development of the country’s microfinance industry.

Smart becomes the first telecommunications company to become a member of MCPI.

Through the Smart Money platform, microfinance institutions (MFIs) are able to expand their geographical presence and to offer their financial services to a wider client base. They can disburse loan proceeds and collect loan payments simply and securely, all via mobile.

Smart Money also enables MFI members to send and receive funds through their Smart mobile phone, whenever, and wherever they may be.

Since 2000, Smart has been in the forefront of providing mobile finance services to Filipinos. Its award-winning mobile commerce platform, Smart Money, has enabled Filipinos with limited or no access to banking institutions to experience financial services using one of the most ubiquitous devices of today-the mobile phone.

At the moment, Smart’s key initiatives that have benefited the microfinance industry are the nationwide rollout of Smart Money Centers which has enabled Filipinos to send and receive cash in the absence of banks and remittance centers.

Smart’s Island Activations Program – an initiative supported by the GSM Association (GSMA), the alliance of nearly 800 of the world’s mobile operators in 219 countries – provides mobile financial services to remote, underserved communities in the Philippines.

Another Smart initiative that has benefited the microfinance industry is Hapinoy, the country’s first sari-sari store chain which empowers female micro entrepreneurs with additional livelihood opportunities via their Smart e-loading businesses.

“This collaboration with the Microfinance Council of Philippines reinforces Smart’s commitment to provide affordable, accessible and relevant mobile solutions to Filipinos,” Tricia Dizon, Smart Financial Services Department head, said.