BanKo Steps Up Digitization Efforts to Reach More Filipinos

The Bank of the Philippine Islands (BPI) continues to empower the Filipino people through the continued digitalization of BanKo, its microfinance arm.

“Digital banking has become a necessity now. This is why BanKo continues to innovate in the way we deliver our products and services for the benefit of self-employed micro-entrepreneurs (SEMEs) and the underserved,” said Rod Mabiasen, Senior Vice President of BanKo , during #BPITechTalk, an hour-long, monthly media roundtable series.

BanKo Mobile is designed as a convenient mobile application that allows customers to meet their banking needs, including opening an account; request, track and repay loans; purchase charge; pay bills; and send money, anytime and anywhere.

The BanKo app also hosts competitive products and services such as TODO Savings, a high-interest digital savings account; and NegosyoKo Lite for business loans as low as P10,000 with simple requirements.

With its digital integration, customers can now quickly open a TODO savings account online with only one valid ID. There are also no deposit and balance maintenance requirements, or dormancy fees. TODO also comes with an interest rate of 4% per annum to maximize savings.

Applying for a loan is also simplified with BanKo’s digitally assisted lending feature, NegosyoKo Lite, where customers can apply for a loan for as little as Php10,000. By lowering the loan amount, BanKo aims to serve more SEMEs, including those belonging to the SEC D market, made up of around 3 million individuals. Customers only need to present a valid ID, photo of their store and business license to apply.

“With our growing digital capabilities, we are able to make day-to-day banking easier and more accessible to SEMEs and filipino masang. Our goal is to improve the lives of more Filipinos and ultimately share the mission of building a better Philippines,” Mabiasen said.

Since 2016, BanKo has been helping SMEs and unbanked individuals by giving them access to simple, practical and affordable financing alternatives.

In 2021, BanKo provided Php9 billion in loans to micro-entrepreneurs, demonstrating the bank’s commitment to helping small business owners recover from the adverse effects of the pandemic. These micro-entrepreneurs are part of more than two hundred thousand SEMEs that BanKo has been serving since 2016.

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