BanKO to open loan program for 4Ps beneficiaries

BPI Globe BanKO plans to launch early next year a loan program for beneficiaries of government's conditional cash transfer program, targeting entrepreneurs and lending out goods instead of cash.

 

"Hopefully by early next year, we'll start the loan program for entrepreneur beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps)," BanKO chief development officer Rob Nazal told GMA News Online.

 

Instead of cash, BanKO will use a network of distributors to provide the products needed for a business.

 

"The loan program will provide kung ano ang pangangailangan nila to scale-up their business... para sigurado na sa business mapupunta," he said.

 

BanKO will work with distributors to supply the products the beneficiaries need for their business.

 

BanKo won the Social Impact of the Year Award for Mobile Financial Services in Emerging Asia presented by international organizations FHI 360 and the US Agency of International Development during the Mondato Summit.

 

"We hope to continue making banking accessible to more Filipinos through mobile banking services and to forge stronger partnerships with organizations which share our vision of financial inclusion for all Filipinos," Nazal said in a separate statement.

 

By March next year, Nazal said BanKO, the first mobile phone-based savings bank, aims to increase the number of 4Ps beneficiaries who are BanKO account holders to 200,000 from the current 145,000. – VS, GMA News