BanKO and SHFC push for joint community mortgage program venture
MANILA, Philippines - BPI Globe BanKO, the country’s first and only mobile phone-based savings bank, has been tapped by the government agency Social Housing Finance Corporation (SHFC) as its official financial technology partner for SHFC’s Community Mortgage Program (CMP) — a project that provides financing for socialized housing for low-income communities in the Philippines.
The joint endeavor aims to promote mainstream financial inclusion to over 200,000 CMP members nationwide by using BanKO’s platform and its slew of mobile banking services. During the Oct. 10 launch, a simultaneous roll-out of caravans was held in more than a dozen communities in both Tacloban City and in Metro Manila, encouraging members to enroll in BanKO and gain immediate access to a mobile-based PondoKO savings account with life insurance.
BanKO’s chief development officer Rob Nazal, SHFC vice president for Legal and Visayas & Mindanao Group attorney Salie Taguian and president of Mineland Shelter Foundation Siony Sia joined other presidents of Mineland Community Associations at Tacloban City to celebrate the partnership. Free financial literacy seminars and demonstrations on how to pay CMP bills using their PondoKO account were also conducted during the launch for the CMP members on hand.
“BanKO’s financial literacy solutions can support the social preparation and capacity building of community associations,” Rob Nazal said. “When Member Beneficiaries develop the habit of savings, they protect their assets, their land tenure and their family’s future.”
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