August 06, 2019
Fexco, one of the world’s leading independent financial technology providers, has today announced a partnership with Rural Bank of Rizal [RBR], a leading rural bank and microfinance institution in Western Mindanao. This partnership marks the introduction of Fexco’s EasyDebit microATM across the region. Fexco’s EasyDebit is the country’s first-ever mobile cash withdrawal solution. The mobile technology will now be available for use by Rural Bank of Rizal cardholders across its 14 branches.
The move has simplified the process of Conditional Cash Transfer and Unconditional Cash Transfer (UCT) transactions in Zamboanga Peninsula.
EasyDebit’s portable technology saves customers time and money when accessing their cash grants. Beneficiaries typically spent up to 2-4 hours in travel time and more than Php 200 in fare costs to access and withdraw their cash grants. Owing to the success and popularity of the service, in the first 2 days of launch, over 8,300 transactions for 5,600 4Ps beneficiaries were processed. This amounted to a total cash-out value of PHP 37M.
Launched in 2017, EasyDebit is a unique service that uses a PIN Entry Device and a mobile phone to allow customers to withdraw cash using their ATM card through rural banks and a network of local accredited merchants including payment centers, remittance centers and retailers, instead of having to travel to an ATM.
The EasyDebit solution can potentially serve over 80 million ATM/Debit cardholders, allowing them easier access to cash across the Philippines. At present, the Philippines is a country significantly underserviced by an ATM network. Currently, there are only 21,000 ATM’s for over 100 million people in the country and the local ATM can often be a bus or ferry journey away. The national ATM penetration rate of 28% is significantly lower than the global average (over 43%). This partnership significantly extends the reach of the EasyDebit solution through Rural Bank of Rizal’s network of bank branches.
Commenting on the partnership, Cathal Brendan Foley, CEO of Fexco Asia said:
“We are excited to announce this partnership with Rural Bank of Rizal. Specific to Zamboanga, a BSP Report on the State of Financial Inclusion in the Philippines 2016 states that the Peninsula is among the regions with the lowest penetration of banking service. Currently only 37% of its municipalities have direct access to a bank. This collaboration will allow us to further extend EasyDebit to the underserved regions of the country, promoting financial inclusion.”
Atty. Albert Concha, President of the Rural Bank of Rizal said:
“The transition from manual payout to cash card payout has brought about difficulties among 4Ps beneficiaries in the Zamboanga Peninsula. The lack or scarcity of atm machines in the rural areas has resulted in a mad scramble by beneficiaries to urban centers where they quickly run dry the atm machines in the area. Not only has this resulted in increased expenses to get their cash – local economies are also suffering because the funds are expended in the urban centers and not in the communities where these beneficiaries are residents of. Our partnership with FEXCO aims to bring the funds directly to the communities thereby doing away with the travel expenses and boosting economic activity in the localities where these funds are needed most.
With the expansion of our payout services to Basilan, Jolo and Tawi-tawi, we will likewise be expanding Fexco’s reach in these areas and cater not only to 4Ps beneficiaries but MSMEs as well.”
Photo Caption: Present during the contract signing event are Atty. Albert Concha, President of the Rural Bank of Rizal and Cathal Brendan Foley, CEO of Fexco Philippines, Inc..
Contact: Shane Kavanagh; [email protected]; Ph: +353834229611
Recognised as one of the world’s original and most established fintech organisations, Fexco employs over 2,400 people across its suite of companies headquartered in Killorglin, Co. Kerry located in the South West of Ireland. Founded in 1981, Fexco now has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America. Since inception, Fexco has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of customers.