The move is a first in the micro-finance industry and BPI’s contribution for this year’s Corporate Social Responsibility Week (July 1 to 8).
BPI Family Antipolo-Masinag branch was selected to pilot this joint effort. TSPI issues about 2,500 checks to its borrowers every six months from this branch alone.
Thus, the BPI Express Cash card will function as an electronic check for TSPI borrowers. Soon other areas served by TSPI will be granter the Express Cash service.
Instead of issuing checks to borrowers –an act which eventually requires encashment over-the-counter – an express cash card will be issued. All loan proceeds will then be credited by TSPI to the express cash cards that the beneficiaries are holding.
The proceeds can be withdrawn in any BPI or BPI Family Bank ATM nationwide.
The use of the card as an electronic check is another feature which demonstrates the product’s social use – that of providing borrowers with a more convenient medium of transaction.
To the loan beneficiary, the card eliminates encashment at the branch. He can go directly to the ATM and withdraw the money from there. He can get the proceeds anytime and not be limited to banking hours.