CEBU, Philippines - The first mobile-based, micro-finance savings bank in the country, BPI Globe BanKo, has also enlisted the Visayan Electric Company, Inc. (VECO) as a partner biller for the PayBills mobile payment facility.
The partnership allows BPI Globe BanKo’s Visayas accountholders to pay their VECO electric bills using their cellphones anytime, anywhere without incurring any fees or airtime charges.
BPI Globe Banko is a revolutionized collaboration of Globe Telecom, BPI and Ayala Corporation. It is the country’s first mobile-based, micro-finance-focused savings bank which pioneered the concept of branchless banking the Philippines.
Compared to traditional banks, its main delivery of service is through mobile phones as BanKo transactions are menu-driven.
Just like any BanKo transactions, VECO subscribers will also get real-time text confirmation and online notifications of their payments with reference numbers.
VECO vice president for customer services group and administration Ricardo Lacson Jr. said that as the number of its subscriber base grows, it has been the challenge for the electric company to continuously look for alternative ways to make their services more convenient for their customers.
VECO is recognized as the country’s second largest electric utility company with over 330,000 subscribers.
He cited that about 30% of the monthly transactions of their customers are being catered through its third party channels.
Last month, he added, it has grown to 38% .
He also noted that the BanKo partnership has been the fastest joint venture of the electric company with another business entity driven with its strong dedication.
With these partnerships, BanKo expects to gain a foothold on the VisMin market and increase its accountholder base further.
BPI Globe BanKo president Teresita Tan revealed that they are currently eyeing two more big chains in Cebu to be added as its partners for the PayBills payment option of BanKo to increase its current line-up of services to the Visayan market.
She cited that they choose partner outlets who have already established their brand in the market, have long operating hours of services, good cash liquidity position and enough branch networks in the country.
She also said that a bank for Overseas Filipino Workers’ remittances will soon be opened.
BanKo started in July 2009 through lending a total of P2.5 billion to micro-finance institutions. It helped around 400 000 micro entrepreneurs, providing them with access to livelihood opportunities
It launched its retail deposit program in January 2012 with an initial loan amount of P50 million.
She cited that about 95% of Filipinos are unbanked while 26% of the adult Filipinos have bank accounts stressing that it has been the company’s key objective to provide financial inclusion to poor communities who before, have no access to banking. (FREEMAN)