How about buying a car or motorcycle, or securing a loan using your mobile phone in an easy mix of English and Tagalog?
The award-winning and leading digital challenger bank Rizal Commercial Banking Corporation (RCBC) launched at the Iloilo Convention Center last week the “phygital” (physical-digital) banking platform it calls MoneyBela Barangayan Banking.
The program uses Taglish online app RCBC Diskartech. It has a Cebuano translation and is loaded with features that include fund transfers, loans, telemedicine, e-load, and bill payment services.
The app provides banking access to Filipinos who may not ordinarily visit a physical bank in the urban centers. Fishermen and farmers can now open savings accounts, transfer money, or even remit social security premiums through this platform.
Savings earn interest at 6.5% per annum. Agribusiness loans ranging from 20,000 pesos to 150,000 pesos are also available through this app.
Besides basic banking functions like cash-in and cash-out services, money transfer, bills payment, e-load, telemedicine, and insurance, RCBC DiskarTech also became the official partner of the Social Security System in the digital remittance of the retirement claims of their members.
RCBC DiskarTech also offers savings account and pang-negosyo loans. To register, all you need to do is submit one of the 18 types of identification cards. And because it is powered by RCBC, opening an RCBC DiskarTech account is like having a savings bank account with a 6.5 percent interest rate per annum. RCBC DiskarTech is the kasangga and kasama of every Filipino.
Iloilo City mayor Jerry Treñas and RCBC executive vice president Lito Villanueva have signed a memorandum of understanding (MOU) to formalize the bank’s collaboration with the local government unit in providing banking access to the people.
RCBC has secured the cooperation of partner government agencies like the Department of Social Welfare and Development, the Department of Trade and Industry, and the Cooperative Development Authority.
The signing of the MOU was witnessed by more than five hundred guests from national government agencies’ regional and provincial office representatives, Iloilo City local government officials, barangay leaders, mSMEs, cooperative leaders, and DSWD program beneficiaries.
“Our mission has always been to bring banking closer to the people wherever they are. Digital banking, no matter how advanced and developed it may be, should still come with a human touch and heart,” said Villanueva.
Mayor Treñas welcomed RCBC’s addition of Iloilo City among its roster of cities for its
financial inclusion drive in the country, which is aligned with his vision of transforming Iloilo City as a premier smart city. He commended RCBC for its unparalleled contribution to
digitalizing and widening financial inclusion in the country.
Trenas said, “it is evident that cities are now digitally transforming to improve environmental, financial, and social aspects of urban life. With the help of technology, we can optimize the efficiency of city operations and services, and connect to the people. Through this innovative initiative, people living in hard-to-reach areas will now have access to banking making it easy for them to be financially responsible. Kudos to the men and women of RCBC for making it happen.”
RCBC Moneybela Barangayan Banking is the Philippines’ first mobile human-assisted remote banking service. It is part of RCBC’s continued push to create an inclusive financial ecosystem in the country that caters to unbanked Filipinos in geographically isolated and disadvantaged areas. This initiative will benefit 42,000 barangays nationwide with the opportunity to access financial services bundled with agent-assisted financial education. It will go to communities where banks and other financial services are not commonly accessible. It was successfully piloted in Davao City in early September last year.
Aside from going around various communities nationwide to directly serve unbanked Filipinos, the RCBC Moneybela electric tricycles will also provide financial literacy and agent banking services in public transport terminals, public markets, schools, barangay halls, and health centers to make it accessible to as many people as possible.
