EasyDebit drives financial inclusion across the Philippines

Achieving greater financial inclusion for every Filipino is a lofty dream, but through collaborative partnerships and the introduction of ingenious technology, companies like Fexco Philippines are making inroads toward the realization of that national aspiration.

Fexco Philippines (established in 2015), has delivered on making Fintech work for every Filipino through the introduction of EasyDebit. Easy Debit was launched as a MicroATM to augment the lack of ATMs in the country. Fintechs and SMEs has been working together to provide better access to financial services through EasyDebit technology.

At present, the Philippines is a country significantly underserviced by an ATM network. There are a little more than 20,000 ATMs for 82 million local ATM cardholders and the local ATM can often be a bus or ferry journey away. Thrifty four percent (34%) of municipalities in the country have no bank presence and eleven percent (11%) has no financial access point. Nationally, four out of the five most financially underserved regions are in Visayas and Mindanao.

Fexco's EasyDebit was launched in December 2017 as the country's first-ever cash withdrawal solution. Using a Pin Entry Device and a mobile phone, EasyDebit allows customers to withdraw cash using their ATM card at any number of locally accredited merchants instead of having to travel to an ATM. For a cash-centric culture where more than 09% of all transactions are completed with the Peso in hand, EasyDebit, at it's very basic, has become a contributor to financial inclusion in the country.

"We knew that we can do so much more to address the inherent need of so many Filipinos for financial services," Ann Chan Foley, co-founder, and Chairperson of Fexco Philippines said. "Through EasyDebit we are tackling this problem head-on with accessible technology. This is fintech at work, this is accessible innovation."

The goal was to serve as a bridge between Filipinos who have little access to financial services and banking institutions. This is done through low-investment, easy to install device that is easy to deploy among interested merchants including banks, cooperatives, remittance and payments centers, pawnshops and retail businesses such as convenience, even small sari-sari stores.

Targeted specifically at small and medium scale enterprises (SMEs), Fexco Philippines hopes to gain better momentum in making EasyDebit locations more pervasive and increase financial inclusion in the country.

Fexco Philippines has also partnered with banks that are homegrown in Visayas and Mindanao such as Cantillan Bank, Rural Bank of Rizal, DBP-owned Al-Amanah Islamic Bank, to enable the rapid and low-cost deployment of banking services to underserviced areas in these regions.

"These relationships we foster with SMEs and Banks are vital in ensuring that the dream of financial inclusion comes to fruition. By working with these partners, we are confident that we will be able to reach every Filipino wherever they are in this archipelago," Foley said.

Fexco Philippines is also eyeing to expand the functionality of EasyDebit. Knowing the promise held by digital and cashless transactions, EasyDebit will soon offer a payments solution that will help bring every Filipino closer toward the future of payments.

"Our vision of accessible innovation is focused on making technology that transforms lives, and we are driven to ensure that we will deliver meaningful services and products to the market in the hope that we serve as catalysts of progress and development. Foley concluded."

About Fexco

Fexco is a world leader in financial technology, more popularly known as fintech. Fintech is defined as using innovation and breakthroughs in technology to bring financial services to people and businesses. Established in 1981, Fexco has operation in 29 countries around the world.

To know more about EasyDebit, please visit https://www.easydebitasia.com/

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EasyDebit drives financial inclusion across the Philippines EasyDebit drives financial inclusion across the Philippines Reviewed by Vernon Joseph Go on Wednesday, October 02, 2019 Rating: 5

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