Land Bank embarks 3.8 million unbanked Pinoys – Manila bulletin
The state-run Land Bank of the Philippines said nearly four million unbanked national ID system registrants were now part of the formal banking system as of May this year.
Cecilia Borromeo, President and CEO of Land Bank, said she has already on-boarded around 3.8 million applicants for transaction accounts, or 47% of the 8.05 million Filipinos already registered in the Filipino ID system ( PhilSys).
Of that total, around 1.1 million integrated applicants have already received their Land Bank Agent (ABC) bank cards, which were provided free of charge and with no initial deposit requirement, Borromeo said.
Facilitating the opening of bank accounts for people registered with PhilSys will help ensure the rapid and efficient delivery of future government assistance programs to unbanked beneficiaries, she added.
The Land Bank previously hired over 1,000 Service Contract Workers (SCWs) and deployed them to various locations across the country to help open transaction accounts for unbanked national ID holders.
Borromeo said that SCW acts as the front line in responding to various queries and inquiries relating to opening accounts and collecting and verifying customer information.
She said SCWs also help ensure strict adherence to social distancing and health protocols during the sign-up process and account opening.
Land Bank ABCs can be used by Philsys ID holders to withdraw money from ATMs and Point of Sale (POS) payment terminals, make online purchases and complete transactions cashless, as well as receiving any government subsidy digitally, Borromeo said.
The card is also contactless compatible, which means it can be used for ‘on tap’ payments, such as the Automated Fare Collection System (AFCS) that the government plans to deploy for public utility vehicles. (VPU).
Regarding the bank’s other digital transformation initiatives, Borromeo reported that since November 2018, a total of 1.6 million accounts have been opened through the bank’s Digital Integration System (DOBS), which includes accounts opened for clients of the Overseas Filipino Bank (OFBank).
In May alone, accounts opened reached 67,889, more than the 59,961 accounts opened the previous month, Borromeo said.
Borromeo also said there has been a sustained increase in the number of transactions using the Land Bank mobile banking app, from 26.01 million transactions in May 2020 to 38.85 million in May 2021.
The total amount of transactions through the app of 60.92 billion pesos is 157% higher than the amount for the same period last year, she said.
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