As it pushes forward with its aggressive thrust to promote greater financial inclusion, LANDBANK is continuously banking on partnerships and technology to bring financial services closer to more Filipinos.
“It has always been a priority for LANDBANK to expand in areas not served by other commercial banks in order to reach more Filipinos. This is why we continue to complement our growing physical network with solid partnerships and technology-driven strategies to deliver banking products and services to unbanked and underserved areas,” said LANDBANK President and CEO Cecilia C. Borromeo.
POS Cash Out
One such initiative is the Point-of-Sale (POS) Cash Out, which extends the functions of a Bank branch to various cash-out partner institutions by allowing peso withdrawal transactions from certified POS terminals.
As of May this year, nearly 400 POS Cash Out terminals have been installed in 234 partner-merchants of LANDBANK – with a total of 423,246 transactions amounting to P2.1 billion. Included in the Bank’s roster of partners are cooperatives, farmers and fishers associations, rural banks and other countryside financial institutions, and private entities such as small and medium enterprises.
POS Cash Out Merchant Shirly Aranzado, a grocery store owner in Jamindan, Capiz, recalls how residents of their town used to travel for an hour to Roxas City just to withdraw their money. Jamindan is home to Camp Macario Peralta, which serves as the headquarters of the 3rd Infantry Division. Seeing that she had a captive market among both military and civilian members of the community, Aranzado approached LANDBANK in December 2015 to inquire about how to be a Cash Out Agent.
According to Aranzado, the POS Cash Out made a huge impact on the community as residents now enjoy convenient and secure access to their money. She also notes that the availability of the POS Cash Out improved the flow of money in the community as money withdrawn from her store is also used to purchase goods and services within the community.
2019 Targets
This year, LANDBANK is looking to partner with more merchants and to install 200 additional POS Cash Out units to bring financial services closer to Filipinos in remote areas.
Also in the pipeline is the pilot implementation of the LANDBANK Agent Banking Program, which is targeted to further expand its reach in remote unbanked municipalities as well as growth areas. The Bank will partner with client cooperatives, associations, SMEs, and private entities who can serve the public’s basic banking transactions – such as POS Cash Out, prepaid card sale, card reload/card refund/withdrawal, balance inquiry, and bills payment – in areas without LANDBANK presence.
Borromeo said the Bank will establish agent banking partnerships in eight remote areas this year and eventually expand the coverage to reach more clients.
ADVT