BSP Honors NATCCO at Digital Financial Inclusion Awards
MANILA – The Bangko Sentral ng Pilipinas (BSP), Citi Foundation and the Microfinance Council of the Philippines Inc. (MCPI) recognized the National Confederation of Cooperatives (NATCCO Network) as a financial institution that has “leveraged digital solutions to transform business and uplift communities.” NATCCO, along with the BPI Direct BanKo, received special citations for their groundbreaking efforts in advancing digitalization.
Representatives of the Selection Committee at the 3rd Digital Financial Inclusion Awards (DFIA), held at the BSP headquarters on December 13, awarded 16 micro entrepreneurs and four other microfinance institutions (MFIs).
The NATCCO Network spearheads the digitalization of cooperatives through its products offerings: eKoopBanker core banking software that performs and records the transactions of credit cooperatives, eKoopBanker Plus that performs ATM transactions, and KAYA Payment Platform that enables co-op members to transact thru ATMs, the Kaya Mobile App, through POS, and over-the-counter.
All awardees received PHP100,000 in cash.
The DFIA, funded by Citi Foundation in partnership with the MCPI and the BSP, highlights the importance of digital transformation in fostering inclusive economic progress.
BSP Governor Eli Remolona Jr. said: "Microfinance Institutions are stepping up their game. With apps for loan management, cash management and other financial processes - along with mobile apps - to make it easier for customers, you have all shown how digitalization can unlock huge inclusion opportunities. You actually help BSP - thanks to your work, the Digital Payments Roadmap and National Strategy for Financial Inclusion are not just checklists but are living and thriving achievements. Your efforts help build a future where financial inclusion is not just a buzzword but a reality.”
Citi Philippines CEO Paul Favila said: "In an increasingly interconnected world, the adoption of digital tools and technologies has become not just a luxury but a necessity. For micro entrepreneurs who often operate in resource-constrained strained environments, digitalization offers a gateway to scale, to streamline operations and most importantly, to connect with markets locally and abroad."
Winners were chosen based on measurable outcomes on digital solutions, and institutional/client benefits of digitalization.
Members of the National Selection Committee for the Awards are BSP Governor Remolona, Citi Philippines CEO Favila, RFM President Jose Concepcion, Inquirer Group CEO Sandy Romualdez, SM Investment’s Ramon Lopez, Financial Advisor Salve Duplito, Asian Development Bank Digital Technology Specialist Lisette Cipriano, Global Digital Finance Specialist Lowell Campbell, Securities & Exchange Commission Director Rachel Remalente, and Bureau of Treasury’s Sharon Almanza.
NATCCO Chief Executive Officer, Sylvia O. Paraguya, said: “NATCCO is inspired to have received the award. This award is dedicated to the primary cooperatives that have embraced NATCCO’s shared core banking system and the Kaya Payment Platform.”
She also expressed gratitude to the NATCCO Board and IT Committee and extended her congratulations to NATCCO’s IT and Payment Systems Groups that are spearheading the change in the digitalization of cooperatives.
“It is not just about the technology. It’s about the mindset. For integrated networks, it’s the importance of fostering a ‘network mindset’,” she said.