Philippines’ RCBC Registers Over 500% Growth in its Inclusive Digital Finance Initiativeby Fintech News Philippines November 28, 2019
Rizal Commercial Banking Corporation has achieved exponential growth for its mobile point-of-sale (mPOS) implementation generating 515% and 622% year-on-year growth on transaction volume, from US$ 6.5 million in 2018 to US$ 41 million, and on transaction count, from 111,000 to 811,000 from the same period last year, respectively.
“We are very pleased with this achievement as it validates our goal to scale up inclusive digital finance among the unbanked and underserved sector, especially since 52% of the cash withdrawal transactions were from conditional cash transfer beneficiaries nationwide. These were in 4th to 6th class cities and municipalities such as in Piagapo, Lanao del Sur and Mati, Davao de Sur.,” RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva said.
The mPOS sachet banking initiative was renamed to Remote Banking Access Points (RBAP) during the recent 62nd charter anniversary symposium of the Rural Bankers Association of the Philippines.
Close to 70 rural banks have signed up for the said initiative to enable its customers to enjoy regular banking transactions and have access to sustainable and more inclusive banking services.
RCBC’s Remote Banking mPOS offers reliable, convenient and cost-effective ATM services in the countryside with limited access. It accepts all Bancnet-issued ATM and prepaid cards with the ability to facilitate bills payment to over 2,000 billers and 16 government agencies, fund transfers, balance inquiry, airtime and e-gaming loading, cash in and cash out or withdrawals, among others.
With the RCBC’s Remote Banking mPOS, rural banks, cooperatives, microfinance institutions, pawnshops, sari-sari stores and carinderia (local term for neighbourhood general store and food stall) will be able to scale up their business without spending on deployment and data use, or worrying about technical infrastructure setup or long integration time.
It offers incremental fee-based income for the partners. It has a three-day deployment and implementation once all requirements are done.
“Our collaboration with these strategic ecosystem partners will help strengthen the thrust of the Bangko Sentral ng Pilipinas to bridge the gap between the unbanked and underserved population and access to quick and easy financial services, especially in the countryside,” RCBC President and CEO Eugene S. Acevedo added.
This article first appeared on fintechnews.sg