TrueMoney, Unionbank bag Social, Sustainable and Responsible Banking Award
THE Dagdag Puhunan loan program, which was conceived through the partnership between leading payments and remittance network TrueMoney Philippines and Unionbank, recently won the Social, Sustainable and Responsible Banking award at the recently concluded Efma Retail Banking Summit Asia Awards 2019.
The annual Efma Retail Banking Summit Asia Awards celebrates developments in the banking industry that promote financial inclusivity. Out of the seven categories, the Social, Sustainable and Responsible Banking category recognizes innovations that address social concerns, support SME growth, and help promote environment-friendly policies.
The Dagdag Puhunan loan program allows sari-sari store owners with TrueMoney cards to use their Unionbank loan line to purchase FMCG stocks from their suppliers.
The program is a testament of TrueMoney and Unionbank’s commitment to help provide affordable working capital loans and business opportunities to the unbanked.
“We are proud to receive this award by Efma and Accenture as it validates TrueMoney’s efforts and expertise in serving the sari-sari store owners who need more access to traditionally out-of-reach loan facilities in growing their business.” Rocio-An Rentuza, TrueMoney Loans business unit head, said.
“Unionbank’s support of the program likewise demonstrates its focus on banking the unbanked sector.” John Cary Ong, Unionbank Transaction Banking Center head, shared. “The partnership with TrueMoney is showing promising results compared to previous efforts done by banks alone to serve the sari-sari store segment.”