BPI, Globe and Ayala launch 1st mobile-based savings bank

CEBU, Philippines - Now officially launched in the VisMin region, BPI Globe BanKo is aimed to promote saving culture and financial empowerment among Filipinos, thus bringing banking to the “underserved and unbanked” masses.

As a revolutionized collaboration of Globe Telecom, BPI and Ayala Corporation, BPI Globe BanKo is the country’s first mobile-based, micro-finance-focused savings bank which pioneered the concept of branchless banking the Philippines.

BPI Globe BanKo president Teresita Tan said that the concept is inspired to encourage entrepreneurship, help small-scale businesses, promote saving practices and bring banking forth to the masses.

She cited that about 95% of Filipinos are unbanked while 26% of the adult Filipinos have bank accounts.

She added that most of them acquire financial services through informal means.

She noted that it has been the company’s key objective to provide financial inclusion to poor communities who before, have no access to banking.

As of December of last year, she said that there are 262 000 client deposits in the Luzon and National Capital Region.

She said that after the official launch, they aim to target 30% of the Visayas client base to acquire BanKo account.

Compared to traditional banks, its main delivery of service is through mobile phones as BanKo transactions are menu-driven.

It also has around 2000 trained and accredited establishments nationwide and worldwide such as pawnshops, drugstores and convenience stores to offer financial services such as the bundled product of savings account, loans and insurance.

BanKo accountholders are allowed to do user-friendly transactions such as cash in, cash out, ATM withdrawal, check balance, send and receive money, pay merchants, get insurance coverage or buy load.

Tan clarified that there is no maintaining balance for the BanKo account, no service, latency and airtime charges.

“We are the first in the world to use amobile application without having load and we guarantee that.BanKo gives you the same benefits as big banks do without big prices.BanKo is for the community. It is specifically designed for the masses. We are where you are,” she said.

It also strategically expanded its base in the south with its joint venture with major companies based in Cebu, the Prime Asia Pawn and Jewelry Shop, Inc. given the pawnshop’s steady growth, stability and market coverage in the industry.

“Our partnership with Prime Asia will help us reach out to more people in the countryside who have little access or no access to formal banking services. Prime Asia’s extensive branch network will serve as our delivery channels in extending BanKo’s product to its customers,” she stated.

Prime Asia is the first and only ISO-certified pawnshop in the country and is considered to be the biggest BanKo partner outlet in Cebu.

It has over 160 branches in the VisMin region and has 34 outlets in VECO-serviced areas.   (FREEMAN)