BanKO wins Social Impact of the Year Award

DSWD partner BPI Globe BanKO receives award for BanKO3

BPI Globe BanKO, the country’s first mobile-based savings bank, clinched the Social Impact of the Year Award for Mobile Financial Services in Emerging Asia in the recently concluded Mondato Summit. Presented by international aid organizations FHI 360 and the U.S. Agency for International Development (USAID), the award was given to the mobile financial services (MFS) provider whose product or service delivered measurable social value in South or Southeast Asia during 2013 – 2014. BanKO claimed the top honors over insurance provider Microensure Bangladesh and Indonesian electronic money service provider Dompetku.

BanKO was recognized for providing innovative solutions in its joint financial education program with the Department of Social Welfare and Development (DSWD) through its Pantawid Pamilyang Pilipino Program and the Sustainable Livelihood Program. With the common goal of improving the lives of nearly 80 million Filipinos at the “base of the pyramid”, BanKO and DSWD have been conducting a series of free financial literacy seminars and have been opening bank accounts for the DSWD’s Pantawid Pamilya beneficiaries which started earlier this year. This consists of around 1,000 sessions conducted every month since April 2014, reaching 13 regions across the country – from urban areas such as Payatas in Quezon City to remote locations like mountain barangays in Tuburan, Cebu, and the island of Culion in Palawan.

Ranging from the basics of saving to detailed walkthroughs on how to supplement their income using BanKO’s mobile banking services such as BuyLoad and business loans, the Pantawid Pamilya beneficiaries gained much-needed support and information to help improve their living conditions and achieve financial security. To date, there are over 145,000 beneficiaries who have active BanKO accounts that have now reached P14.5 million in total deposits. The program aims to bank at least 200,000 beneficiaries by end of the year and is expected to continue on in 2015.

Over 100 delegates from the technology and MFS industry across Asia attended the 2-day summit held in Singapore last Nov. 11 and 12. The awards were handed out on the last day of the summit, given to the most innovative solutions from emerging start-ups and established companies that continuously break new ground in the field of MFS.

BanKO’s Chief of Development Officer Rob Nazal presented the said project during the viewing of finalists for the Mondato Awards and received the award for BanKO. “It’s an honor to be recognized for this significant win, not only for BanKO but for the Philippines as well. This award reflects our commitment and dedication to changing our society and improving the lives of the underserved Filipinos. We hope to continue serving our country through BanKO’s accessible mobile banking services and even stronger partnerships with organizations who share our vision of financial inclusion for all Filipinos,” he said.

Article from: BPI Globe BanKO