FFDL brings microloans to a new customer base with MoneyPhone
The Fundación Fondo de Desarrollo Local (FDL) de Guatemala [Local Development Fund of Guatemala] will soon go live with a new range of lending products, supported by the MoneyPhone Digital Loan Origination Solution. With a fully internet-enabled loan application platform, FDL will be able to provide new access to credit to an all-new customer segment which can improve the lives of the beneficiaries.
FDL traces its origins back to 1989, where it began as a microcredit program run by the Fe y Alegría organization in Guatemala, aimed at providing loans to families supported by the organization. In 2008, the program established itself as an independent entity and started operating under the name of Fundación Fondo de Desarrollo Local de Guatemala. A non-profit entity, FDL works to support the fundamental development of people from low socioeconomic status households through ethical, honest and transparent microlending.
Traditionally, the organization has 31 years of experience in providing affordable microcredit to individuals and small business owners. To widen its impact, FDL has recently introduced a new range of loans for salaried employees. As this customer segment was more accustomed to using digital channels than its core client base, FDL knew it was important to find a solution capable of enabling effective digital lending.
With MoneyPhone, FDL found the ideal partner to support its digitization efforts. FDL will use MoneyPhone’s Digital Loan Application Platform to allow salaried employees to apply for loans directly on its website.
FDL plans to launch the new product offering following a digital marketing campaign, aimed at raising awareness of the employee loans it offers. The digital loans will be available to eligible customers in the departments of Chimaltenango, Guatemala, Quetzaltenango, Totonicapán, Suchitepéquez and Retalhuleu.
“We expect the MoneyPhone solution to improve our operational efficiency and help us provide a faster response to customers,” confirms Dra. Alma del Cid, General Manager of FDL de Guatemala. “Our mission is to support people’s potential by financing their projects, and the new digital loan origination solution helps us take an important step towards improving financial inclusion across Guatemala.”
Jan de Vos, CEO of MoneyPhone, comments: “We are excited to partner with FDL de Guatemala on this new initiative. We look forward to supporting the team as they use MoneyPhone to expand their outreach and bring affordable finance to more people.”