How RCBC ATM Go is powering MSME success in rural Mindanao

In the far-flung, rural towns of Mindanao, thousands of Filipinos travel for hours by bus, tricycle, or boat for thousands of pesos just to access basic banking services. These communities have been disconnected for decades from the formal financial system. Roads are either yet-to-be-built or dilapidated, internet connectivity is a rare luxury, and financial literacy programs are scarce, leaving many entrepreneurs struggling to understand and take advantage of modern economic tools.

The challenging conditions of these remote and rural towns, known as geographically isolated and disadvantaged areas (GIDAs), have long hindered economic progress. Years of social unrest and instability have slowly subsided, but the delay in critical infrastructure development continues to hold back opportunities. For many Mindanaoans, the journey toward financial stability remains an uphill battle.

Yet, despite these barriers, a quiet but powerful force is changing the financial inclusion landscape in Mindanao — its collective of micro, small, and medium enterprises (mSMEs). These resilient entrepreneurs are creating opportunities where none existed before. More than just business owners, they are catalysts of economic empowerment, lifting communities and proving that progress is possible even in the most challenging environments.

MSMEs as pillars of trust

MSMEs are vital to economic growth and financial inclusion, particularly in rural Mindanao. The Department of Trade and Industry reports that these enterprises account for 19.43% of all MSMEs nationwide.

With residents of GIDAs relying heavily on MSMEs for essential goods and services, these businesses have become pillars of trust in unbanked communities. One such entrepreneur making a lasting impact is Liz Ellaine Solmayor, a woman whose curiosity and determination transformed financial access in her hometown.

Liz, known for her entrepreneurial spirit, began her journey in Siocon, Zamboanga del Norte. The only bank in town, Katipunan Bank (formerly Rural Bank of Siocon), struggled to meet demand, especially during Pantawid Pamilyang Pilipino Program (4Ps) payout periods. With disbursements happening only every two months, the bank’s cash reserves would often run low, leaving many residents without cash when needed.

Determined to make a difference, Liz applied for RCBC Cash Express in July 2019, traveling two hours to the nearest RCBC branch in Zamboanga Sibugay. “I just wanted to try when the bank manager suggested offering a POS machine in my area, which is about three to four hours away from the nearest bank in the city,” Liz shared.

The rest, as they say, is history.

What started as a simple “trial” quickly became a thriving livelihood for Liz. As demand grew, she introduced the rebranded RCBC ATM Go, expanding financial access beyond basic cashouts to full ATM functionality. Her initiative turned into a profitable business and, at the same time, became an essential service for her community.

Her impact did not go unnoticed. At the 2024 Gawad Kabalikat sa Negosyo Awards of RCBC ATM Go, Liz stood on the national stage in Manila, sharing her journey with thousands of fellow merchants. Her story of resilience and success inspired many, proving how determination and opportunity can transform lives.

“I have started with a capital of only a few thousand, and now—thank you, RCBC, for making me a millionaire,” Liz said.

Bridging the gap 

The Bangko Sentral ng Pilipinas (BSP) reports that as of September 2024, 213 municipalities in Mindanao remain without a bank, with more than half located in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM). This challenge is something Dr. Ahmad Falmi Usman of Sibutu Island, Tawi-Tawi, sought to address.

After years of living in Metro Manila, Dr. Ahmad returned to his hometown and was struck by a stark reality: many professionals were banked, but there was no bank. To withdraw money, residents had to spend up to Php 5,000 per trip to the mainland in Bongao.

Inspired to serve his community, he introduced a third-party banking application to provide banking services. Still, it had significant drawbacks: cash-out reimbursements took days, and poor internet connectivity made transactions unreliable. Dr. Ahmad also mentioned that telecommunication companies had yet to invest in their community, delaying the rollout of accessible and convenient digital financial solutions.

Dr. Ahmad discovered RCBC ATM Go, the Philippines' first grassroots-oriented and bank-agnostic mobile-powered ATM terminal. With this solution, his town's teachers, military personnel, and government aid beneficiaries no longer had to spend thousands just to withdraw money. Even the 4Ps beneficiaries, 65% of ATM Go users, now have a more accessible and cost-effective way to receive their welfare payouts.

For entrepreneurs like Dr. Ahmad, the benefits go beyond financial inclusion. With real-time crediting of funds, capital flows smoothly, allowing merchants to sustain and grow their businesses. At the same time, people receive their money instantly, eliminating long waits and unreliable transactions. “With ATM Go, transactions are seamless, and people trust the system,” Dr. Ahmad shared.

As Dr. Ahmad’s business expands, so do other partner enterprises within RCBC, benefiting from ATM Go’s impressive growth. For over six years, the service has achieved an 80% increase in gross transaction value and an 81% rise in transaction volume, reflecting a strong compound annual Growth Rate (CAGR).

To date, RCBC ATM Go operates nearly 8,100 terminals across all 82 provinces in the country, with a predominantly rural customer base 66% of whom are women. A quarter of its more than 4,000 partner merchants—including Dr. Ahmad — rely on Elon Musk’s Starlink satellite internet to extend financial services to remote areas.

With three ATM Go terminals, Dr. Ahmad helps even 4Ps beneficiaries from nearby islands access their funds more conveniently. Banks in the countryside are no longer possible thanks to financial technology bridging the gaps. It’s becoming the norm.

Empowering MSMEs through sustainable finance

MSMEs make up a mammoth share of 99.63% of businesses in the Philippines, making them an important stronghold of the Philippine economy. However, access to funding remains a significant challenge, with the Securities and Exchange Commission (SEC) estimating a P12 trillion funding gap for small businesses. Despite this hurdle, RCBC ATM Go has enabled MSMEs to defy the odds, helping them expand their businesses.

As a humble sari-sari store owner, Moonyeen Ebanen Bugnos of Lake Sebu, South Cotabato, was looking for additional revenue streams while also addressing a long-standing issue — the lack of banking services in her town. With no banks or ATMs in Lake Sebu, access to financial services was a constant struggle.

RCBC ATM Go provided incentives for every successful transaction, allowing Moonyeen to support her family financially and grow her business. The COVID-19 pandemic further exposed the need for accessible financial services as many residents lost their livelihoods and relied on government aid. During this time, her sari-sari store became an economic lifeline for the community. “After withdrawing from ATM Go, people go shopping in my store. It’s good for me because I earn from both,” Moonyeen shared with a smile.

In 2024, ATM Go recorded a 46% increase in its terminals and 145% rise in its partner merchants, driven by success stories like Moonyeen’s. ATM Go’s standout feature is its ability to bring banking services to local communities while providing partner merchants an additional revenue stream.

Today, Moonyeen’s business is thriving like never before. She and her husband could even upgrade their old motorcycle to a small pick-up truck as their business vehicle. Their small sari-sari store has expanded into a one-stop shop, offering ready-to-wear apparel, plasticware, school supplies, and groceries, all while providing essential banking services.

The success stories of RCBC’s ATM Go merchants in rural Mindanao highlight that financial inclusion is about access, opportunity, and empowerment. By bringing banking services closer to the people, these entrepreneurs have turned financial challenges into opportunities for growth, proving that innovation and determination can drive real change.

As RCBC ATM Go expands, more MSMEs will gain the tools they need to thrive, innovate, and strengthen rural economies. What was once a dream of accessible banking in the countryside is now a growing reality — one transaction, one ATM Go merchant, and one empowered community at a time.