KasamaKa opens affordable digital finance for all

Oct 25, 2017

by PR

 

Attaining an Inclusive Digital Economy

 

The public and private sectors have joined forces to made affordable funds more easily accessible to grassroots entrepreneurs through digital means.

 

The Bangko Sentral ng Pilipinas (BSP) and FINTQ, the financial technology arm of the PLDT Group’s Voyager Innovations, and several partners in the government, banking, financial services, and civil sectors recently launched “KasamaKa,” a grassroots movement aimed at promoting inclusive digital finance for all Filipinos.

Denice Yusi, Digital Marketing Manager for FINTQ, financial technology arm of Voyager Innovations Inc. (photo provided)

Denice Yusi, Digital Marketing Manager for FINTQ, financial technology arm of Voyager Innovations Inc. (photo provided)

 

“Many Filipinos remain at the outskirts of society when it comes to access to finance, which translates to limited economic opportunities needed to drive inclusive growth,” said BSP Governor Nestor A. Espenilla, Jr.

“We welcome FINTQ’s KasamaKa as a private sector initiative that supports the objectives of the National Strategy for Financial Inclusion. We see its potential to promote the development of inclusive digital finance and establish a mechanism where Filipinos can become ambassadors of financial inclusion in their respective communities,” he added.

KasamaKa is an income and community builder that aims to spread greater access to finance to more Filipinos nationwide through a digital referral system.

KasamaKa encourages enterprising entrepreneurs by making it easy for them to access to affordable credit, and a complete suite of digital financial services.

“Digital technology plays a key role in giving wider access to finance for all–but it must be complemented by a program that recognizes the realities lived by Filipinos every day,” noted Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager and FINTQ.

KasamaKa aims to be that bridge linking the government and the private sector’s efforts to the common folk so that all of the benefits of technology are genuinely felt by all,” he added.

KasamaKa actualizes BSP’s National Strategy for Financial Inclusion (NSFI) framework into an inclusive, on-ground, scalable, and sustainable execution that will also help push the share of digital transactions in the country to 20% by 2020–one of the key goals of the National Retail Payments System (NRPS).

Unequal access to financial instruments

According to the first FINTQ Inclusive Digital Finance Study 2017, access to financial instruments remains unequal across the country–with only 23 of 82 provinces comprising virtually all of the domestic deposit and domestic loan volumes in the Philippines.

Most of these deposits and loan volumes are found in Metro Manila and Southern Luzon–seats of power and commerce in the country–which further skews the staggering imbalance financial access against the rest of the country.

The study, which determined levels of access to financial services such as bank branches and ATMs and access to financial services such as loans and deposits, also found that access to financial instruments remains unequal and unchanged in the past two years–mandating a shift toward a more inclusive and grassroots approach that would benefit the rest of the country.

Thus, a key objective of KasamaKa is to address these gaps in access to financial instruments.

“Digital and mobile technologies provide the much-needed boost in pushing financial inclusion in the Philippines,” said Lito Villanueva, Managing Director at FINTQ.

“Through their mobile phones, users can now apply for a loan, open a micro savings account, buy an insurance product, start with a micro investment, send money to loved ones or pay bills from wherever they are in the country,” Villanueva noted.

Through KasamaKa, we are building a groundswell of inclusive digital finance ambassadors who will help promote these innovations to their communities, and earn additional income for themselves,” he added.

“The rollout of digital lending service Lendr is just one of the many digital financial interventions that would jumpstart the country’s digital transformation. So far, it is the largest digital lending service in the country with the most extensive digital footprint covering 100% of provinces, 91% of cities and 26% of municipalities,” Villanueva stressed.

Multi-sectoral drive

To help achieve financial inclusion, FINTQ has partnered with various companies and groups from multiple sectors of society to help fill the gaps needed to roll out the program on a massive scale.

FINTQ Team with CDO Bloggers and Media (photo provided)

FINTQ Team with CDO Bloggers and Media (photo provided)

 

KasamaKa is true financial inclusion at work that will not only help push for a more inclusive growth, but also help bring about the digital transformation of society. This has been our vision at Voyager from the start–to help bridge the digital and financial divide in the country, which will help in creating ‘one happy planet’,” said Orlando B. Vea, President and CEO at Voyager Innovations.

KasamaKa has launched a nationwide caravan that will help teach financial literacy to Filipinos within their communities.

KasamaKa also counts private-sector companies and non-government organizations such as Hapinoy, Gawad Kalinga, Grameen Foundation, Philippine Business for Social Progress, Pangarap Foundation, PLDT-Smart Foundation, ERDA Foundation, Inc. (Educational Research & Development Assistance), Grab, MyPhone, OLX among its supporters.

The event also saw the launching of the “Race to 20 by 2020″ campaign by multi-sectoral stakeholders to help accelerate digital financial transactions in three years to 20% by 2020. This is in keeping with the government’s framework of attaining an inclusive digital economy.

To become a KasamaKa Builder, interested individuals only have to register via www.kasamaka.com or text KKK to 292901555 to receive their unique Builder ID, which they can give out to family, friends, and community members who would like to avail themselves of various digital financial services such as loans, insurance, micro-savings, and micro-investments, among others, and earn for themselves as much as P300 for every successful application. 

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