A new partnership is set to bring formal financial services to rural communities in the Philippines.
The operator Globe Telecom has allied with BPI Globe BanKO and the US Agency for International Development (USAID) Scaling Innovations in Mobile Money (SIMM) to offer customers access to cash in and cash out transactions, bills payments, airtime loading, money remittance, and micro-insurance purchase using their mobile phones.
Globe Corporate Social Responsibility OIC Fernando Esguerra underscored the importance of helping those in the underserved communities improve their lives through enterprise development and financial inclusion.
“Globe supports enterprise development to provide opportunities to underserved Filipino communities and to give them a better sustainable future. One of the ways to do this is through access to formal financial services that are secure, relevant and affordable,” said Esguerra.
On the other hand, Rob Nazal, BanKO Vice President for Community Banking said: “Accelerating the adoption of mobile banking…will pave the way towards increasing the number of marginalized Filipinos who have access to formal financial services. Residents now have the capability to conduct bank transactions within their community, and have access to BanKO’s services using only their mobile phones.”
BPI-Globe BanKO is the first mobile-based, microfinance-focused savings bank in the Philippines and advocates financial inclusion of the country’s unbanked sectors. It seeks to provide the low-income segment with secure and convenient access to affordable financial services.
The lack of access to financial services in this rural community prompted USAID/SIMM to initiate the intervention based on the belief that mobile money can offer an innovative, cost-effective means to create high-impact development that can benefit marginalised families. USAID/SIMM advances financial inclusion by boosting expansion and rapid adoption of m-money services, as well as creating an enabling environment for m-money.