CARD Bank, a microfinance-oriented rural bank and a member institution of social development organization, CARD Mutually Reinforcing Institutions (CARD MRI), expands banking services to more families as it opens branches in Tagum City, Davao Del Norte and Mati, Davao Oriental on November 7, 2016.
“CARD Bank expands and continues to strengthen its presence here in Davao to provide quality banking experience to our clients who mostly came from unbanked areas,” said Marivic Austria, CARD Bank President and CEO adding that the bank will provide more accessible banking services and a wide array of social development services with the help of other CARD MRI Institutions.
CARD Bank has already six branches in Mindanao particularly in Davao, Buhangin, Matina, Malalag and the two new branches opened. Austria announced that CARD Bank will open two more branches in Kabakan and Kidapawan before the year ends and eyes to open three more branches in Nabunturan, Midsayap, and Malita in Mindanao in the first quarter of 2017.
In the recent data released by the Bangko Sentral ng Pilipinas (BSP) on June 2016, 589 cities and municipalities in the country remains unbanked in which 243 comes from Mindanao. “We choose to step up and bring our banking products and services to reach and serve the unserved and underserved communities,” said Austria.
Dr. Jaime Aristotle Alip, the founder and managing director of CARD MRI shared that the continuous opening of CARD Bank branches parallel to the President’s thrust to further develop Mindanao.
As it upholds the mission of CARD MRI to uplift the lives of the poor, CARD Bank provides various loans and savings products appropriate to the needs of its clients and also offers financial education to help its clients do beneficial investments.
About 1,000 CARD, Inc. clients were transitioned to have access to the products and services offered by CARD Bank. CARD, Inc. is a microfinance non-government organization and also a member institution of CARD MRI.
Joseliza Sanchez, a CARD member for two years, shared that CARD brings true help to the poor Filipino families as it gives them financial assistance and assist them in sending their children to school.
Alip envisions a poverty-free country through financial inclusive programs and services implemented with sustainable community development programs. CARD MRI, with about 4 million members nationwide, plans to reach eight million clients and insure 40 million individuals through its insurance companies in 2020.
CARD Bank is now serving almost two million clients as of September 2016 and is also BSP’s hall of fame awardee for financial inclusion.