Card Bank marks 25 years in microfinance banking

CARD Bank Inc., a microfinance rural bank, has marked its 25 years in the industry as it continues to answer the financing needs of micro entrepreneurs in the country.

“Card Bank became the first microfinance-oriented bank in the country because of those who first believed in our goals of nation-building,” Dr. Jaime Aristotle Alip, founder and chair emeritus of Card MRI, the bank’s mother firm, said in a statement.

Since its inception, Card Bank has already served more than three million clients nationwide, supporting its goal of improving financial inclusion especially in poverty-stricken communities in the country.

Throughout the years, Card Bank has empowered women by providing them with ongoing access to financial, microinsurance, educational, livelihood, health, and other capacity-building services that will eventually help them become contributing members of the society.

“Now that we have entered a new era of digitalization, Card Bank is equipped to offer innovative banking solutions to our clients,” bank president and chief executive officer Marivic Austria said. “This is part of our long-term plan of serving generations after generations through access in financial and non-financial services.”

She said that while breaking the cycle of poverty may be a long battle, they are ready to expand their services to reach more Filipinos,” Austria said. The bank recently opened its 100th branch in Manila.

In 1997, Card Bank obtained its license from Bangko Sentral ng Pilipinas as a microfinance-oriented rural bank. Since it opened its first branch in San Pablo City, Card Bank has since expanded its operations nationwide.

With its existing 100 branches, it has already served more than 3.8 million clients with a loan outstanding of P12.58 billion with a 98 percent repayment rate. (PR)