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RP Mobile Phone Banking Catches Global Attention
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Tuesday, 02 October 2007
The Philippine Star
Mobile phone banking services developed in the Philippines was highlighted in an international conference held in Washington recently.
The United States Agency for International Development-supported Rural Bankers Association of the Philippines (RBAP) -Microenterprise Access to Banking Services (MABS) program attracted attention during an international technology conference held at the World Bank headquarters in Washington, DC and sponsored by the International Finance Corp. (IFC), the Consultative Group to Assist the Poor (CGAP), and VISA International.
The conference on “Next Generation Access to Finance: Gaining Scale and Reducing Costs with Technology and Credit Scoring” featured technologies used by pioneering organizations in the financial services industry — including microfinance organizations — to reduce costs, reach new customers, and scale-up delivery of services. |
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More than 300 delegates from over 60 countries, composed of representatives from financial institutions including microfinance institutions and commercial banks, global leaders in financial technology and credit information, regulators, and representatives from the donor community, attended the conference last September.
Conference speakers included industry leaders from around the world who provided in-depth and critical analysis on the use of technology and credit scoring and credit bureaus to increase access to finance. MABS chief of party John Owens was among the conference speakers.
Owens presented the RBAP-MABS Program’s mobile phone banking initiative for rural banks and their clients along with Globe Telecom’s GCASH. All of the mobile phone banking services including: Text-A-Payment, the microloan repayment service; Text-a-Sweldo, a new mobile payroll service; Text-A-Remittance, mobile money transfer and remittance services; Text-A-Bill Pay, the remote mobile bills payment service; Text-A-Deposit, the mobile deposit-taking service; and Text-A-Withdrawal, the remote withdrawal service were presented. All these new mobile phone banking services utilize Globe Telecom’s GCASH platform, the mobile money platform which turns mobile phones into virtual mobile wallets.
GCASH credits are bought or “cashed-in” (cash to GCASH) or cashed-out (GCASH to cash) at any of 8,900 authorized cash-in/cash-out outlets and ATMs nationwide. GCASH can be converted to call or text credits, transferred to other people’s mobile wallets phone-to-phone, used to pay for goods, services, and bills, and for sending remittances.
The conference also featured two other speakers from the Philippines: GXI president Rizza Eala and Bangko Sentral ng Pilipinas (BSP) Microfinance Unit officer Pia Roman.
Eala outlined how GCASH and Globe’s capability in the wireless technologies facilitated the extension of banking services to the un-banked while Roman presented the measures taken by the BSP to regulate and supervise new mobile payment platforms in the Philippines.
After the three presentations, the conference participants agreed that the Philippine model for the roll-out and development of mobile phone banking services demonstrated the importance of building strategic partnerships and strong business models within a supportive policy and regulatory environment.
“Mobile phone banking and other emerging applications will revolutionize financial markets in rich and poor countries alike,” Elizabeth Littlefield, CGAP’s chief executive officer, said. — Ted Torres
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