Globe Telecommunications Inc. (Globe) has recognized rural banks for their impressive performance in providing mobile phone banking services in the countryside.
At present, 43 rural banks have already been accredited and registered to offer mobile phone banking with the support of the Rural Bankers Association of the Philippines (RBAP)- Microenterprise Access to Banking Services (MABS) program.
Of these accredited rural banks, 10 were recognized for being the top performers in terms of mobile phone banking transactions using Globe’s GCASH platform.
Globe chairman Jaime Zobel de Ayala II presented the awards to the Philippine Rural Banking Corp. (PR Bank), Green Bank, 1st Valley Bank, Cantilan Bank, Bangko Kabayan, Agribusiness Bank, Rang-ay Bank, GM Bank, Rural Bank of Victorias, and Bangko Luzon during the 51st RBAP Charter Anniversary symposium recently.
Zobel de Ayala called the rural banking sector as a major contributor to the national development agenda, and a catalyst to contribute to economic growth and social development.
“If we are to see our economy grow in a sustainable way, we have to find ways to create value for Filipinos at all levels of society,” the Globe chairman added.
This is where the importance of technology comes in. The mobile phone banking services initiative developed and rolled out through the collaboration of RBAP-MABS, participating rural banks, and GXI has given rural banking clients a less-costly and more convenient alternative to traditional, over-the-counter banking.
“Technology can play an important role in scaling up the reach and broadening access to financial services for low-income consumers. It can serve as an important low-cost conduit, to bridge the linkage between customer and service provider,” Zobel de Ayala said.
He added: “It is in democratizing access to capital, and encouraging its widespread use through partnerships and collaboration across sectors, that we can empower those at the lower end of the income hierarchy and give them a fair chance and opportunity to drive their own economic and social destinies.”
A Filipino innovation, mobile phone banking for Globe subscribers of rural banks in the Philippines is being developed and implemented by RBAP and MABS, and with the support of Globe Telecom’s G-Xchange Inc. (GXI) and their innovative GCASH platform.
GXI president Rizza Maniego-Eala said that rural banks have now developed their own special brand of mobile phone banking services, which include Text-A-Payment, Text-A-Deposit, Text-A-Withdrawal, and Text-A-Sweldo (salary).
So far, nearly 70,000 rural bank clients and employees have already registered for mobile phone banking services, with mobile phone transactions at rural banks in 2008 increasing by over 250 percent from the same period in 2007.