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RBAP and Nokia Philippines MOU Signing
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MANILA, August 6, 2008 – This day marked the ground-breaking partnership between the Rural Bankers Association of the Philippines (RBAP) and Nokia (Philippines), Inc. in the promotion of a breakthrough mobile phone banking (m-banking) services, being developed for the rural banking sector by the Microenterprise Access to Banking Services (MABS) Program, which will revolutionize the financial systems of the microenterprise and microfinance sectors.
Nokia Phils. Country Manager William Hamilton-Whyte said that mobile phones are now “increasingly being seen as a business tool across the developing world and especially in the growing and vibrant microenterprise sector.”
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Adding to this, RBAP President Tomas Gomez IV said, “We pay for goods and services, transfer money, withdraw, make deposits on our Nokia phones. And more amazing still, thousands and thousands more in the countryside are experiencing the same thing. Even in areas without wire line service or without ATMs present.”
In order to expand the use of mobile phone banking services, RBAP and Nokia signed a memorandum of understanding (MOU) to offer a Nokia product-financing scheme through select rural banks.
Under the RBAP–Nokia agreement, Nokia will sponsor the production of educational guides for rural banks offering the RBAP-MABS Mobile Phone Banking Services. In addition, RBAP will coordinate with Nokia to promote a Financing Scheme for Nokia products among interested and qualified member rural banks.
To expound on Nokia’s stand, Mr. Hamilton-Whyte added, “Staying in touch is just the beginning. Filipinos must use their phones to do more and be more. We want to enable people to achieve better lives for themselves, their families, and their communities.”
Nokia is a developer, manufacturer and supplier of sophisticated communications equipment, terminals, accessories, connectivity solutions and consumer internet services.
Nokia first started operations in the Asia-Pacific region in the early 1980s. It has since established a leading brand presence in many local markets, including the Philippines, and business has expanded considerably in all areas to support customer needs and the growth of the telecommunications industry in the region.
The Microenterprise Access to Banking services (MABS) Program works with Rural Banks to assist them to develop the capability to profitably provide financial services – both loan and deposit – to the microenterprise sector.
MABS, a United States Agency for International Development-supported effort jointly implemented with the Rural Bankers Association of the Philippines (RBAP), with oversight provided by the Office of the President through the Mindanao Economic Development Council (MEDCo), is one of the principal elements of USAID-Philippines’ efforts to accelerate economic growth through expanded participation of lower income groups in productive activities.
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