BanKo ramps up digitalization efforts to reach more Filipinos

The Bank of the Philippine Islands (BPI) continues to empower the Filipino people through the sustained digitalization of BanKo, its microfinance arm.

“Digital banking has become a necessity now. This is the reason BanKo continues to innovate the way we deliver our products and services to benefit self-employed micro-entrepreneurs (SEMEs) and underserved individuals,” Rod Mabiasen, Senior Vice President of BanKo, said during #BPITechTalk, a one-hour, monthly media roundtable series.

BanKo Mobile is designed as a convenient mobile app that allows clients to fulfill their banking needs—including opening an account; applying, monitoring and paying loans; buying load; paying bills; and sending money—anytime and anywhere.

The BanKo app also houses competitive products and services such as TODO Savings, a high-interest earning digital savings account; and NegosyoKo Lite for business loans as low as P10,000 with simple requirements.

With its digital onboarding, clients can now quickly open a TODO Savings account online with one valid ID. There are also no deposit and maintaining balance requirements, and no dormancy fees. TODO also comes with 4% interest rate p.a. to maximize savings.

Applying for a loan is also made easier with BanKo’s digitally assisted lending feature, NegosyoKo Lite, where clients can apply for a loan for as low as Php10,000.  By lowering the loan amount, BanKo aims to serve more SEMEs including those belonging to the SEC D market which is comprised of an estimated 3mn individuals. Clients just need to present one valid ID, a photo of their store, and business permit to apply.

“With our increasing digital capabilities, we are able to make everyday banking easier and more accessible to SEMEs and the masang Pilipino. We aim to uplift the lives of more Filipinos and, ultimately, share in the mission of building a better Philippines,” Mabiasen said.

Since 2016, BanKo has been helping SEMEs and unbanked individuals by providing access to simple, convenient, and affordable financing alternatives.

In 2021, BanKo granted Php9 billion in loans to micro-entrepreneurs, demonstrating the bank’s commitment to help small business owners as they recover from the adverse effects of the pandemic. These micro-entrepreneurs are part of more than the two hundred thousand SEMEs BanKo has been serving since 2016.

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