Banco de Oro (BDO) Unibank bared its thrust to serve more unserved and underserved communities in Davao Region by tapping additional partner agents for its Cash Agad service, according to an official.
Jim Nasol, Senior Vice President and Head of Agency Banking of BDO Unibank, said last weekend that BDO is eyeing 100 partner agents in the Davao Region for its Cash Agad service.
As BDO’s agency banking arm, Cash Agad is a service that provides banking access to unserved and underserved communities.
Cash Agad allows automated teller machine (ATM) cardholders to withdraw cash and perform other essential bank transactions through point-of-sale (POS) terminals in sari-sari stores, water refilling stations, pharmacies and other small businesses located in areas with limited or no access to BDO branches and ATMs.
“Seventy percent of all Filipinos don’t have formal bank accounts. Banks cannot able to reach majority of the Filipinos because it’s so expensive to put up a branch. We said kailangan ng bagong services ng mga far-flung areas because they have to travel two to three hours, minsan tawid sa dagat just to get their money. Sabi namin why can’t we use local businesses sort of like banks then convert them into parang financial services,” Nasol said.
Nasol said BDO has over 12,000 Cash Agad partner agents nationwide wherein 95% are all located in the municipalities.
He said there are 3,200 partner-agents in Mindanao and in Davao Region, there are 130 partner agents in Davao del Norte, and 180 in Davao del Sur.
“Malaki yung network namin sa Davao Region at meron din kami sa city. We still need 100 agents/partners in Davao Region kasi we feel marami yung underserved pa rin, yung population that has no access to banking,” Nasol said.
For a sari-sari store to be qualified as a Cash Agad partner agent, owners must have a business permit, two valid IDs, a BDO or BDO Network Bank account, and an accomplished application form from a BDO or BDO Network Bank branch.
BDO emphasized that Cash Agad empowers small business owners to become ‘automated tao machines’ by providing them with additional income as Cash Agad partner agents, boosting the local economy.
“Sari-sari stores are the first financial institutions, why? Kasi di ba pagpunta mo sa tindahan, may sardinas ba kayo? Pautang. Paano natin gagamitin tong mga local stores? May cash sila diyan eh. Bakit pa hindi puwedeng tao na may account pumunta diyan para magwithdraw? So we look at technology. Simple lang yung POS machine pareho nung mga nasa stores, we managed to convert that into something that will connect to the ATM,” Nasol said.
The service aims to provide banking services to areas where bank branches and ATMs are scarce, essentially acting as a community ATM.
“Our thinking in BDO is if kung hindi ka makapunta ng banko, kami ang pupunta sa iyo at least on the basic banking services, meaning withdrawal and deposit,” Nasol said.
Nasol is hopeful that Cash Agad will be able to reach more Filipinos, particularly the underserved.
“Underserved meaning may account na pero wala siyang way to access or meron pero very limited. Yung unserved, yun yung walang account,” he said.
Nasol reiterated that opening a BDO account can be done with a minimum initial deposit of as low as P100.
He added that Cash Agad service is a more effective way to do financial inclusion.
He said BDO’s plans going forward are to expand more products and services to reach more Filipinos, particularly in the far-flung areas.
