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Documentation of Product Development Processes in Selected MFIs – Rural Bank of Sto. Tomas SUKI Microfinance Program - A Case Study


This paper presents a case study of the product development process in the “Rural Bank of Sto. Tomas (RBST) SUKI Microfinance Program”. The paper states that: * RBST was founded in 1973 with the intention of helping residents of the local community access financial services, * It has grown steadily and has become a showcase for successful microfinance implementation in the Southern Philippines, * Its microfinance SUKI loan program has contributed increasing revenues to its overall operation. The paper describes the following aspects of RBST: * Mission, * Legal structure, governance and organizational structure, * Funding sources, * Socio-demographic profile, * Market and clientele, * Environmental factors, * Operational and financial performance, * The SUKI microfinance products: the SUKI loan, the SUKI savers club and the SAKA program. The paper concludes by identifying the following reasons for the success of the SUKI Microfinance Program: * Simple, standard products, * Excellent customer service, * Innovative savings products, * Flexibility and sensitivity to customer needs and preferences, * Efficient and able product development team, * Buy-in, * Clear target market, * Institutional effectiveness, * Lessons learnt from previous failures.

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