Banks and credit unions are dominant financial conduits of banking and credit facilities for farmers, fishermen, small business and traders in the Pacific and Oceania island states of Micronesia.
The Mesenieng Credit Union (MCU), the largest credit union in the island state of Pohnpei, Federated States of Micronesia, signed a contract with MB Philippines for accounting system and bank reconciliation module which are integrated into the core banking software MBv8 last May 2014. This is not the first time for the two parties to work together.
The MBv8 system being used by MCU was purchased from MBPhil in 2009. The software is supported and updated regularly by competent MBPhil experts to meet the demands of MCU members.
The two modules were completed in September and installed in August, 2014 to run in the MBv8 system as an integrated financial software to enhance the cooperative’s institutional capacity benefiting its growing members in Kolonia and other areas of Pohnpei, FSM.
The project is now completed and runs as a model for other banking and financial institutions that would require system integration and software customization which benefits credit union members in Pohnpei, FSM.