Through its Mobile Money Cash Management (MMCM) services, UnionBank helps microfinance NGOs to fulfill their goal of empowering others. One of the NGO partners is Tulay Sa Pag-unlad, Inc. (TSPI), a microfinance entity that provides loans to women so they can secure capital for small business ventures.
Using its expertise in cash management and its partnership with the leading electronic money issuer Globe GCash, UnionBank provides collection and disbursement services to TSPI at the convenience, speed, security, and nationwide reach of mobile money technology. TSPI beneficiaries, who are mostly mothers, can now use their mobile phones to send payments or receive loan proceeds via GCash.
This innovation earned UnionBank the Most Innovative Cash Management Bank Award from the London-based Global Banking & Finance Review. UnionBank’s MMCM was also recognized at the Celent Model Bank Awards for its unique story of financial inclusion, enabling mothers to gain access to financial services while elevating their lives and helping fulfill their dreams one mobile payment at a time. To date, MMCM has successfully processed over 4 million transactions worth over P8 billion.