In the ever-evolving landscape of financial services, QCredit Corp. stands at the forefront of change, having participated in Financial Inclusion Week (FIW) held from October 16 to 19, 2023. FIW 2023, an annual gathering of the global community working to advance inclusive finance, was sponsored by the Center for Financial Inclusion, a global independent think tank. The week aimed to champion a financially inclusive economy, promoting financial freedom and well-being for all. QCredit utilized this opportunity to glean valuable insights from global entrepreneurs, particularly focusing on factors like age, gender, life status, geographical location, climate change, and digital access, all of which significantly impact financial inclusion.
Gender Equality: Bridging the Gap
One critical aspect underscored during FIW 2023 was the importance of financial education, especially for women. As of 2022, a staggering 383 million women and girls were living in extreme poverty, four times more than men. Climate change is expected to displace four times as many women as men, emphasizing the vulnerability of women in economic crises. Moreover, only 14 out of 190 assessed countries have achieved gender equality under vital financial and economic indicators. Mary Ellen, the CEO of Women’s World Banking, highlighted that nearly one billion women are excluded from formal financial services. Recognizing this disparity, QCredit commits to advocating for financial literacy in 2024. With a significant portion of their customer base comprising women, this initiative aims to empower female entrepreneurs, supporting their businesses and enhancing financial stability for households. QCredit’s dedication to inclusivity not only aids in family recovery but also contributes to the resilience of the country.
Digital Access: Innovations for Seamless Transactions
The importance of Digital Public Infrastructure was underscored during FIW 2023, emphasizing accessible digital systems for identity verification, digital payments, and secure data exchange. Aligning with these objectives, QCredit continues its digital innovation journey. The use of special purpose machines (SPM) and field release are among the innovations aimed at providing a seamless, easy, and smooth transaction experience for customers. For field release transactions, QCredit brings the money directly to the customers. This method of delivering money provides a convenient solution for those who find it difficult to visit a physical branch due to time constraints, distance, or unforeseen circumstances. An SPM, on the other hand, is one of the company’s innovative approaches to collecting payments. Through the SPM, QCredit’s collectors can view a list of customers’ balances, record their daily payments, and generate a collection report at the end of the day. Collectors use the issued SPM on a daily basis. The SPM provides a user-friendly and time-efficient approach to collecting payments on the field. Since 2017, QCredit has partnered with Banco de Oro, introducing the cash card to facilitate convenient transactions for granted loans across the Philippines. This flexibility reflects QCredit’s commitment to providing customers with efficient service options, aligning with its mission and vision. Moreover, QCredit prioritizes compliance with regulatory frameworks such as the Securities and Exchange Commission and the Data Privacy Act of 2012. Regular training sessions and seminars play a role in upholding the security and confidentiality of customer data, thereby strengthening the trust that customers repose in our company.
Online Presence and Social Engagement
Recognizing the power of social media, QCredit actively engages in advertising initiatives. From posting job opportunities to promoting the company, this online presence reflects the company’s commitment to growth and connectivity with its audience. By fostering an active online community, QCredit extends its services to both valued and potential customers.
A Commitment to Financial Inclusivity
As FIW 2023 concludes, QCredit renews its commitment to rendering high-quality service and fostering financial inclusivity. The insights gained during the week serve as a guide for the company’s continued efforts in embracing digital technology, promoting gender equality, and ensuring access to financial services for all. In navigating the changing landscape, QCredit stands poised to lead the way toward a more inclusive and digitally-driven financial future in the Philippines.
