BanKO offers mobile money for Yolanda victims

MANILA, Philippines - BPI Globe BanKO (BanKO) has partnered with the global humanitarian agency Mercy Corps to provide mobile cash transfers to victims of Typhoon Yolanda (Haiyan). 

BanKO is a joint venture thrift bank and the first mobile-based, microfinance-focused bank.

Rob I. Nazal, BanKO vice president said together with Mercy Corps, the bank has conducted small-scale pilot undertaking of its approach in Western Visayas and North Cebu.

“As the Philippines’ infrastructure, mobile phone network and markets begin to recover, mobile cash transfers are critical to help thousands of people recover from one of the worst storms in our nation’s history,” Nazal added.

In the pilot tests, beneficiaries were able to receive cash transfers electronically through their BanKO savings accounts.

These beneficiaries were then able to cash out money from their accounts at BanKO’s partner establishments in their locations.

At the end of the pilot, Mercy Corps generated electronic reports of the successful transfer of funds to the individual beneficiary accounts.

Using this process, Mercy Corps was able to ensure the security, transparency and efficiency of the cash transfers.

“People are desperate and providing cash in this way ensures families can purchase exactly what they need to get back on their feet,” said Lesley Denyes, Agri-Fin Mobile Program director for Mercy Corps. “At the same time, we are taking a long-term view of this recovery effort. Thousands of people who have never had a bank account will be able to save money securely for the first time. Moreover, through BanKO, they will have access to affordable financial products, such as small business loans and insurance, which can help even out unexpected financial setbacks in the future.”

Mercy Corps and BanKO have been working together to provide mobile banking solutions to clients with low-incomes and living in remote locations in the Philippines since 2011.

Mercy Corps will lead the coordination between other non-governmental organizations (NGOs) intending to make these kinds of mobile cash transfers through BanKO to victims of Typhoon Haiyan.

Mercy Corps is a global humanitarian agency saving and improving lives in the world’s toughest places. With a network of experienced professionals in more than 40 countries, it partners with local communities to put bold ideas into action to help people recover, overcome hardship and build better lives.