Making financial services available through digitalization

Making financial services available through digitalization



many Filipinos agreed it's important to keep their savings secure but they could have different ways of doing this either keep the money in the back or stash it at home is a bank with emergency purposes secure my money long instead of putting dunes about Highland Akana let me Ed Bahama Willapa anything latest data from the backhoe Sentral ng Pilipinas shows only 1/4 of Filipinos have bank accounts the report adds of the rest who do not have a bank account 60 percent indicated not having enough money as the main reason while 18 percent said they find opening account tedious because of the many requirements diamantina ID they should be that considerable about the requirements this is why the bajo central is pushing for the national ID system which would make it easier for Filipinos to open an account Banco central governor been diagnosed says he wants to make sure that every Filipino household has a bank account he adds the BSP is embracing digital technology through each the low income market doing that was started the proportion of transactions paid through digital payment is only around 1% now I I think we're pretty close to 20% banks are also going online to reach those without access to back branches video chief market strategist Jonathan Avila says backs must make sure payments are easy to encourage more Filipinos to access the financial system you can do online you can use a mobile wallet to do it so there are there are a lot of ways to make those payments as long as there is a signal they're able to use their phones for mobile payments he adds growth comes with more Filipinos tapping the services of financial institutions when the money is deposited in the bank the bank and utilize that money to lend other people that actually means the economy can grow faster with the government and private sector taking a common path to make financial services within reach of ordinary Filipinos the scales will hopefully tilt towards more Filipinos opting to keep their savings in the back and in way the benefits that come with it Sandra Shasta CNN Philippines

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