Making Financial Inclusion in the Philippines, POSIBLE
How do you bring financial services to more than 1,500 towns and cities in over 7,100 islands? It seems a daunting task, but not an impossible one. Discover more about POSIBLE. and how we are changing digital transactions in the country today.
Breaking the Digital Great Wall
The Bangko Sentral ng Pilipinas (BSP) in its latest report said that around 33 percent of towns and cities in the Philippines do not have access to banks or payment centers. Foremost reasons are the country’s scattered islands plus the lack of infrastructure, which make banking and communications quite difficult. As a result, this creates a sort of digital Great Wall rendering many Filipinos financially excluded. Furthermore, it means that many Filipinos have to travel long distances just to do simple chores like sending money or paying their bills.
Cultural attitudes towards banking and money also contribute to the creation of this Great Wall. There is a general distrust over digital transactions, with Filipinos thinking, “I’m afraid I might lose my money if the network breaks down.” In addition, they may have certain insecurities over dealing with banks, the most prevalent being, “I don’t understand English or financial terms.”
POSIBLE breaks this Great Wall by bringing essential services right into the community. Our primary tools are an easy-to-operate machine and the country’s most comprehensive B2b2C network. By putting these tools in the hands of trusted people such as sari-sari store owners, communities now have easy access to digital services such as bills payment, remittance, and banking services. Moreover, Filipinos learn to use and develop confidence in digital transactions.
DBS-NUS Social Venture Challenge Asia Top 15 Finalist (Enterprise Category)
The DBS-NUS Social Venture Challenge Asia (SVC Asia) is an open competition for social enterprises across Asia. Its goal is to identify and support innovative new ideas and existing social ventures long-lasting, positive social impact. SVC Asia is organised by DBS Foundation and NUS Enterprise.
In 2017, POSIBLE responded to the Challenge and was recognized as one of Asia’s Top 15 social enterprises for the year. Moreover, POSIBLE was the lone Philippine representative in the Enterprise Category. In such a short time, POSIBLE has been recognized for its potential to make almost impossible things, possible.
Discover more about POSIBLE
To learn more about POSIBLE, we invite you to visit our head office in Makati City. Take time to talk with our management, or meet with our dedicated agents. Simply click here to schedule an appointment.
For more information about starting a POSIBLE Business, click here.