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Mobile phone banking moves one notch higher
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MANILA, Philippines - The Microenterprise Access to Banking Services (MABS) program is taking mobile banking to the next level in its continued bid to bring credit closer to the un-banked and under-banked.
The Rural Bankers Association of the Philippines (RBAP) and the United States Agency for International Development (USAID) are the key supporters of the MABS program.
MABS chief of party John Owens admitted that they have several mobile banking products already being pilot tested with several rural banks.
“It has to do with smart money and mobile phone technology,” Owens said, promising to release more information as the pilot testing period.
Industry sources said that rural banks are working on expanding its mobile banking capabilities and its network.
“Anyone with a phone can start trading through the BA electronic money resources, and we have 170,000 clients registered with the banks that can withdraw money up to a maximum of P100,000 a month,” they said.
They said that the RBAP and MABS are presently talking with Bangko Sentral ng Pilipinas (BSP) on using electronic shops (e-shops). |
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