The digital penetration in Mindanao is said to be below the national digital penetration; however, there is great resolve in pushing for greater digitalisation in the region to drive more financial inclusion.
The Rural Bank of Kibawe is one such institute to forge this purpose forward and its partnership with BanqIn – an all-in-one-digital solution is a testament to that journey. The Rural Bank of Kibawe is one of the few micro-finance companies in the Philippines to hold a licence from BSP to operate as a deposit-taking micro-finance. Its fundamental purpose is to alleviate poverty and uplift the lives of people left out of the formal financial service eco-system by providing access to credit.
A commitment shared by BanqIn’s Co-Founder and Chief Technology Officer, Mr. Ragu Nandhan Senthil Kumar. "BanqIn believes everyone must have an opportunity to take charge of their financial life and we are delighted to be able to provide our technologies and work with The Rural Bank of Kibawe to amplify this intent significantly."
The current challenges of banks, beyond the digital broadband services in rural areas, are that of time-consuming manual processes and requiring customers to have to commute long distances to meet daily at designated meeting centres to repay loans. The paperwork and other operational costs can be remarkably reduced with BanqIn, to make the operating model for microfinance companies sustainable over time.
"Our sincere appreciation to BanqIn for the bold move of introducing its core banking solution to The Rural Bank of Kibawe. This will be the beginning of a fruitful and long-lasting partnership in making digital banking a reality to the people of Mindanao", states Mr Lasmar L Edullantes, President, Rural Bank of Kibawe (Bukidnon) Inc.
With this partnership, the potential customer outreach increase promises to serve many more people of the Southern Philippines.