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MANILA - (UPDATED 7:33 p.m.) The Philippines' first mobile phone-enabled savings bank has grown its clientele to 200,000, its chief executive said on Thursday.
In a press briefing on Thursday, Tessie Tan, president of BPI Globe BanKO, said the lender has enrolled 1,500 new deposit accounts every day since the start of the year.
She said BanKO is catering to the financial requirements of the unbanked, or those intimidated by the formalities of regular lenders. BPI and Globe Telecom each own 40 percent of BanKO, with Ayala Corp holding the remaining 20 percent.
“Our biggest hurdle is client education. It is often difficult to explain the various products,” Tan said.
She said the lender aims to tap a larger segment of Filipinos by harnessing the popularity of mobile phones.
Nearly 9 out of 10 Filipinos own a mobile phone. In contrast, only 2 out of every 10 households have a bank account, with the bulk of account holders classified as payroll accounts, according to the Bangko Sentral ng Pilipinas.
“This inclusive approach brings closer to Filipinos, making BanKO the Filipino’s partner to a better, more secure and rewarding life. Through BanKO’s affordable banking services, Filipinos gain financial empowerment and an opportunity to build their savings,” Tan said.
She said mobile banking can wean many Filipinos away from informal savings methods, such as literally keeping cash at home or saving in a cooperative or paluwagan.
To tap into the unbanked, BanKO has partnered with a growing number of retail establishments, which act as the lender's cash-in and cash-out centers. They include Tambunting pawnshops, Prime Asis, Santolan, CVM and Jaro branches, Generika drugstores, Czarina foreign exchange, gasoline stations, internet cafes, loading stations, convenience stores, among others.
These partnerships enable BanKO to serve micro entrepreneurs, homeowners and farmers, Tan said.
The minimum deposit is P50, the same amount that account holders could cash out.
For those who would want to send money to their loved ones anywhere in the Philippines the transaction fees are as follows:
P50 - P499 = P5
P500 - P1,999 = P10
P2,000 - P4,999 = P30
P5,000 - P9,9000 = P70
P10,000 - P15,000 = P110
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