Now that more people are discovering the convenience of digital banking, the Bank of the Philippine Islands (BPI) is continuing its efforts to empower more Filipinos through the sustained digitalization of BanKo, its microfinance arm.
“BanKo continues to innovate the way we deliver our products and services to benefit self-employed micro-entrepreneurs (SEMEs) and underserved individuals,” Rod Mabiasen, Senior Vice President of BanKo, said during #BPITechTalk, a one-hour, monthly media roundtable series.
BanKo Mobile is a mobile app that allows clients to fulfill their banking needs—including opening an account, buying load, paying bills, sending money, and applying, monitoring and paying loans—anytime, anywhere.
The app also houses competitive products and services such as TODO Savings, a high-interest earning digital savings account; and NegosyoKo Lite for business loans as low as P10,000 with simple requirements.
With its digital onboarding, clients can now quickly open a TODO Savings account online with one valid ID. There are also no deposit and maintaining balance requirements, and no dormancy fees. TODO also comes with 4% interest rate p.a. to maximize savings.
Applying for a loan is also made easier with BanKo’s digitally assisted lending feature, NegosyoKo Lite, where clients can apply for a loan for as low as P10,000. Clients just need to present one valid ID, a photo of their store, and business permit to apply.
Since 2016, BanKo has been helping SEMEs and unbanked individuals by providing access to simple, convenient, and affordable financing alternatives.
In 2021, BanKo granted Php9 billion in loans to micro-entrepreneurs, demonstrating the bank’s commitment to help small business owners as they recover from the adverse effects of the pandemic. These micro-entrepreneurs are part of more than the two hundred thousand SEMEs BanKo has been serving since 2016.