Mobile cash transfers and other financial services to boost recovery and reduce future vulnerability
Cebu City, Philippines – BPI Globe BanKO, the Philippines’ first mobile-based, microfinance-focused bank, and the global humanitarian agency Mercy Corps have launched a comprehensive program to support the economic recovery of 25,000 typhoon-affected households in Western, Central and Eastern Visayas regions, which were some of the hardest hit by Typhoon Haiyan. The program will enable families to rebuild their homes and livelihoods, as well as reduce their vulnerability to future shocks.
Participating households will be enrolled in a mobile savings account through BanKO and receive financial-literacy training, along with two mobile cash transfers totaling PHP 3,200 (USD $72). In addition, BanKO and Mercy Corps will jointly develop other financial products designed to boost survivors’ long-term economic stability.
“Timely cash transfers make a tremendous difference when people are rebuilding after a disaster,” says Rob I. Nazal, vice president for Community Banking at BanKO. “By delivering cash transfers to a savings account and facilitating access to other financial services, we anticipate our new clients will be in a better economic position in the years ahead.”
Providing electronic cash ensures that people can securely purchase exactly what they need, while providing a necessary financial stimulus to local markets. Over the long term, the program will give thousands of people who are “unbanked” the opportunity to save money securely for the first time and learn the financial skills needed to make good economic decisions for themselves and their families.
“We will be evaluating the most effective ways to help survivors rebuild their assets, working capital and safety nets,” says Lesley Denyes, Mercy Corps Program Director. “Combined with financial literacy training, this approach allows survivors to get their lives back on track and control where they go next.”
About Mercy Corps: Mercy Corps is a leading global humanitarian agency saving and improving lives in the world’s toughest places. With a network of experienced professionals in more than 40 countries, we partner with local communities to put bold ideas into action to help people recover, overcome hardship and build better lives. www.mercycorps.org.
About BPI Globe BanKO (BanKO): is the Philippines’ first fully mobile savings bank advocating financial inclusion for the unbanked. www.banko.com.ph.
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- Read more about mobile money relief in the Philippines