CBB pushes more inclusive micro lending

MANILA, Philippines — Country Builders Bank (CBB) is pushing a more inclusive, open and accommodating micro lending to help more microfinance customers nationwide through an aggressive branch expansion.

CBB president Mike Sandig said the rural bank continues to change the business model of micro-lending by making it more inclusive, open, and accommodating.

This, Sandig said, differs from the traditional model, which is more stringent and tedious as it required numerous documents and longer processing time, thus excluding many customers, especially those with no prior banking experience.

The Makati-based rural bank not only provides also loans to microfinance clients, but also helps improve their financial literacy by teaching them to manage their finances.

Sandig said most microfinance customers are mostly unbanked and had little formal education.

The Bangko Sentral ng Pilipinas (BSP) aims to increase the number of Filipino adults with bank accounts to 70 percent and raise the share of electronic payments to total retail transactions to 50 percent by 2023 under its Digital Payments Transformation Roadmap.

London-based financial magazine Global Banking & Finance Review recently named CBB as the Best Micro Finance Bank in the Philippines for 2023.

Sandig said the recognition is a testament to the bank’s innovative approach to micro lending and that the bank’s employees would be inspired to do even better.

The awards recognize banks and financial institutions that reflect “the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.”

The country’s 19th largest rural bank in terms of assets has 33 branches serving parts of Metro Manila, Cavite, Laguna, Rizal and Bulacan areas.

The rural bank plans to pursue an aggressive branch expansion program in the coming years as it continues to serve a broad and diverse clientele including micro, small and medium enterprises (SMEs), agricultural businesses, teachers, vendors, government, and private employees.

Global Banking & Finance recognizes companies of all sizes, which are prominent in particular areas of expertise and excellence within the financial world.