The Ramon Aboitiz Foundation, Inc. (RAFI) opened the Cebu Micro Enterprise Development Foundation, Inc. (CMEDFI) in 1998 under its economic wellbeing program. Since then, the organization has changed its name to RAFI Microfinance, Inc. (RAFI MFI), with the same mission: to empower underprivileged micro-entrepeneurs to become financially stable and independent. Since opening its first branch in Minglanilla, Cebu in 1999, it has expanded to over 308 locations throughout the provinces of Luzon, Visayas, and Mindanao, serving micro-entrepreneurs in underserved and vulnerable communities across the country and touching over 2.6 million* lives.