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BY JOHNNY NOVERA
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Wednesday, January 25, 2017
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YES, DOING banking business with a sari-sari store will soon be available to the public with the expansion of deposit service as announced by the Bangko Sentral ng Pilipinas (BSP) on Jan. 19 last week.
Under new BSP rules, upon prior authorization, banking business may now be done through cash agents appointed by a bank to accept and disburse cash in its behalf and facilitate online self-service deposits, withdrawals and fund transfers, as well as bills payment.
The BSP defines cash agents as typically cash-rich third-party entities with many outlets that conduct regular business in fixed locations anywhere in the country, such as convenience stores (this is the present-day sari-sari stores), pharmacies and other highly accessible retail outlets.
These cash agents can also perform “know-your-customer procedures” as well as collect and forward application documents for loan and account opening. They could likewise sell insurance as banks do by getting authority from the Insurance Commission.
The BSP added that through this new cost-efficient service channel, serving the unbanked and low-income segments in the community can now become more viable and sustainable s an expanded banking service.
We did not expect that banking in our country will come to a situation that even sari-sari stores, or call it convenience stores if you wish, will come to be asked and perform the banking function.
With the many closures of rural banks by BSP because of their failure to meet the increased capitalization requirements or the sellout by many of them to the bigger banks in the urban centers, 36.4 percent or 1,500 municipalities in our country still remain unbanked.
About this new service, may we ask BSP if this deposit scheme through “cash agents” is covered by insurance in case of loss in transit or in the custody of the new deposit channels as prescribed by the new banking rules?
What we know also is that those who apply and are accepted to work in the bank must undergo a thorough character check. Will this be done with those working with the “cash agents” that will handle bank transactions under this new banking service scheme?
Do you have questions, too? Please ask and we will try to help you get the answers direct from our Bangko Sentral or the banks so that you can fully avail yourself and enjoy this new banking service.
May we take this opportunity to congratulate the management of this year’s Dinagyang Festival for a very successful and peaceful celebration! (For comments or reactions, please e-mail to jnoveracompany@yahoo.com)/PN
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