Micro Entrepreneurs Borrowers’ Satisfaction with Digital Payments in LOLC Finance Philippines, Inc

( Vol-10,Issue-6,September - October 2024 )

Author(s): Dinna P. Sanchez, Joanne Krystelle M. Quitan, Trisha P. Rodriguez, Clark Bhern Humprey D. Saveret, Noel B. Agustin

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Page No: 44-48
DOI: 10.22161/ijaems.106.6

Keywords:

Borrower, Digital Payment Methods, Financing Company, Micro Entrepreneurs, Satisfaction

Abstract:

This study, entitled Micro-Entrepreneurs Borrowers’ Satisfaction with Digital Payments in LOLC Finance Philippines, Inc., investigates the demographic profile and digital payment preferences of micro-borrowers, specifically focusing on individuals aged 46-55 who have been managing businesses for 6-10 years. Findings reveal that while respondents are familiar with popular digital payment methods like GCash and 7-Eleven’s ECpay, they lack awareness of other cost-effective options. Many borrowers face challenges in using digital payments due to limited navigation skills and a preference for traditional, cash-based transactions, which they find more convenient as they avoid fees and additional steps. The study further notes that with branch limitations, borrowers can only make cash payments at the head office in Cabanatuan, discouraging digital payment adoption. Although some respondents acknowledge the security and convenience of digital payments, especially if physical collection is unavailable, overall satisfaction remains low. Few borrowers recommend digital payments, particularly for loan renewal, underscoring a general reluctance to shift from conventional practices. The study emphasizes the importance of enhancing digital payment accessibility to increase satisfaction and adoption rates among micro-borrowers in LOLC Finance Philippines, Inc.

Received: 19 Sep 2024; Received in revised form: 21 Oct 2024; Accepted: 27 Oct 2024; Available online: 31 Oct 2024

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