BPI microfinance unit waives Instapay fees

MANILA  -The customers of BanKo, the microfinance arm of the Bank of the Philippine Islands (BPI), can now transfer money for free via electronic fund transfer platform InstaPay through its mobile application.

In a recent statement, BanKo said its clients could transfer up to P50,000 per day to more than 70 InstaPay partner banks and e-wallets.

Eliminating service charge on money transfer is in line with the Bangko Sentral ng Pilipinas’ goal of pushing for further adoption of digital payments, the BPI unit said.

BanKo said it was eyeing to attract more microentrepreneurs, informal workers and the unbanked and underbanked Filipinos by making digital fund transfers more convenient.

“We want our clients to be able to send money to their loved ones without having to worry about the cost, whether it’s a regular transfer or for emergency purposes,” said Rod Mabiasen, BanKo Head of financial inclusion and microfinance solutions.

Established in 2009, BanKo’s primary goal is to accelerate financial inclusion by tapping into the microentrepreneur segment.

It extended financing to over 149,000 microbusinesses last year, an 18-percent increase from 2021. The bank has over 1,700 loan officers and associates who have established direct customer relations and are trained to discuss financial literacy with the borrowers.

The BPI subsidiary has 20-percent market share in microfinance loans, making it the second largest microfinance bank in the country.

BanKo has over 300 branches and branch-lite units across 74 provinces and Metro Manila. INQ