Microfinance institutions and services: Consumer perspectives and the path to standardized guidelines

This study evaluated the services of privately owned microfinance institutions (MFIs) in Nueva Ecija, Philippines, to develop unified guidelines aimed at enhancing financial inclusion and poverty alleviation. Using a descriptive-correlational research design, the study examined the profiles of MFI owners, assessed key services (loans, savings, insurance, payment systems), and analyzed the extent of guideline implementation. Data were collected from 400 respondents through quota sampling. Results revealed higher service ratings from MFI owners compared to clients, with notable discrepancies in interest rate compliance and technological adoption, such as mobile banking. Chi-square analysis showed no significant differences in guideline implementation across demographic variables, except for age and educational attainment, which influenced approaches to fraud prevention and interest rate adherence. The findings align with global research on microfinance as a tool for socioeconomic empowerment (Nwigwe et al., 2016; Blanco-Oliver et al., 2021). This study contributes to achieving Sustainable Development Goals (SDGs) 1: No Poverty and 8: Decent Work and Economic Growth by promoting equitable access to financial services and enhancing client rights awareness. Proposed guidelines address gaps in service delivery, transparency, and regulatory compliance to support inclusive economic development.