RCBC putting up world’s first mobile micro biz offices

MANILA, Philippines - Yuchengco-led Rizal Commercial Banking Corp. (RCBC) is putting up the world’s first mobile microbusiness offices (MBOs) to support its microfinance banking efforts, a bank official said.

RCBC senior executive vice president and Information Technology & Operations Group head Dennis Bancod said they are planning to put up about eight mobile MBOs in different areas in Luzon, Visayas and Mindanao.

He said they would spend about P2 million each to set up this one-of-a-kind bank office.

The first mobile MBO, he said, is expected to open next month in Batangas where one of RCBC’s microfinance businesses originated.

“We would probably be the first bank in the world to offer such service in a unique way to serve most of the unbanked areas in the countryside. Our goal is to improve mobility wherein we will bring our microfinance services to the customers and not wait for them to go to our branches,” he said.

He said what makes this banking facility unique is that it is made from two makeshift container vans transformed into an MBO.

Bancod said the mobile MBO, which will operate on a “cashless” basis, will be equipped with an automated teller machine (ATM).

“The MBO will only be manned by two bank personnel who will process the loans and deposit applications. All cash-related transactions will be done through ATM or through RCBC’s My Wallet to ensure the security,” he said.

The mobile MBO, which will occupy about 300 square meters of leased land, is expected to be more cost efficient and at the same time, will enable RCBC to widen its customer base particularly in the countryside.

Rizal Microbank, which was formed through the merger of RCBC’s Makati-based thrift bank Merchant with J.P.Laurel Bank in Batangas in 2011, currently has 14 branches, 10 in Luzon and four in Mindanao. 

The microbank offers four microfinance products such as microfinance loans, micro deposits, small business loans and micro insurance. 

It has disbursed over P800 million in microfinance loans since it started its microfinance operation in July 2009.