UBX, the leading open finance platform in the Philippines, has joined forces with Kabalikat para sa Maunlad na Buhay, Inc. (KMBI) to break new ground in the arena of microloan processing by providing sustainable digital solutions for low-income communities nationwide.
With the partnership, UBX’s portfolio venture BUx, the country’s leading payment gateway, has digitized the processing of payments for microloans, making it convenient and secure for members of KMBI to pay their loans with a variety of options: online banking, e-wallets, and over-the-counter at select payment partner outlets.
“Open finance is all about making a concrete difference in people’s lives. Our UBX team is connecting microfinance institutions to the Philippines largest payments network through our Open Finance platform. What this really means is making loans easier to collect, more convenient for borrowers to pay, saving everyone travel and money so they can spend more time with their families and focus on their businesses,” UBX President John Januzczak said.
KMBI is a microfinance non-government organization that advocates for the integral transformation of the lives of low-income people and their communities by providing sustainable microfinance and non-financial services. KMBI caters to 100% women SME borrowers.
It has been empowering Filipino women micro entrepreneurs to have access to loans, insurance and capital build-up for 36 years. To date, over 100,000 women all over the country have benefited from its microfinance operations.
The NGO offers both group loans and individual loans. Its Group Loan program helps existing micro businesses in their expansion and development by granting them loans with below P50,000 additional capital requirement. On the other hand, it grants loans to individuals to assist them with additional working capital to expand and develop their own businesses.
“We expect our partnership with UBX to empower us to expand our reach and touch the lives of even more Filipinos nationwide. The beneficiaries of KMBI are guaranteed an efficient and secure way of boosting their businesses and participating in the post-pandemic economy, without having to break the bank,” KMBI President Eduardo C. Jimenez said.
Driven by its commitment to providing finance for all, UBX connects financial institutions – even the smallest of players – to the largest payment networks in the Philippines through its Open Finance Platform.
“This is just the start. Together, we will unlock additional credit for members and their businesses. We will allow the agents and account officers of microfinance organizations to focus more on what really matters to them: uplifting the lives of their members through non- financial services,” Januzczak said.