BankO mobile savings targets unbanked Pinoys

A new mobile-based savings account will be made available to Payatas residents and other BPI Globe BanKO subscribers as part of an initiative to expand financial inclusion and provide more efficient financial services.

 

New BanKO outlets will also be inaugurated in Payatas as part of the project. Partnered with Simbahang Lingkod ng Bayan and the US Agency for International Development (USAID)-Scaling Innovations in Mobile Money (SIMM) Project, the three new BanKO outlets will open in Payatas A, B, and Lupang Pangako, BPI Globe BanKo said in a statement Thursday.

 

The initiative aims to give impoverished citizens easier access to banking and other financial systems, and to provide them ways to save money, the bank said.

 

Beyond providing easier ways to save money, the initiative wishes to improve the "economic resilience and social protection" of vulnerable communities, especially during times of natural disasters.

 

It will also build upon USAID's objectives, which includes mass financial literacy caravans and improved access to formal financial services.

 

No minimum balance

 

PondoKO is a savings account which requires a mere P100 as initial deposit to get an ATM card. Applicants must submit a valid ID, a photocopy of the ID, a Globe or TM SIM card to open an account.

 

Account holders can use the ATM card at any ATM machine, and use them pay BancNet accredited merchants, as well as:

Remittances from overseas accounts may also be sent to PondoKO accounts, and can be withdrawn in any authorized BanKO outlet or ATM.

 

Average daily balances reaching P2,000 will also earn 3 percent interest per year.  – Rie Takumi/VS, GMA News