NGO pilots RCBC’s ePiso for sustainable development
TAGUIG CITY, Philippines — Grameen Pilipinas will pilot Rizal Commercial Banking Corporation’s (RCBC) ePiso to create a more efficient process in disbursing loans to its borrowers.
Grameen Pilipinas, a non-government organization (NGO) that provides micro-loans alongside serving financial literacy programs to micro-businesses, is among the first to utilize the country's first fiat-based digital currency technology called ePISO approved by the Bangko Sentral ng Pilipinas. This will help sustain their initiatives towards a financially included community. Formerly known as Grameen Australia Philippines, the said NGO works toward sustainable development through microfinance for both rural and urban settings, wherein their service demographic often includes housewives and sari-sari store owners.
Through RCBC's ePiso, Grameen Pilipinas may now remotely disburse loans directly to its borrowers, creating a more efficient process by eliminating cash handling risks. Borrowers may also encash their digital currency through the accredited ePISOmerchants within their area. They may also top up their ePISO through these merchants and do their weekly payments with more ease and convenience.