The Ayala Group will setup the Philippine's first mobile micro-finance group to reach 10 million to 15 million people from the current three million borrowers of micro-finance institutions. The group will use Pilipinas Savings Bank, a BPI subsidiary, to provide small loans to institutions through cellular phones.
Bank of the Philippine Islands (BPI) president Aurelio Montinola, told reporters that the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the conglomerate’s proposal early this month. He said BPI will put set aside P400 million under its wholesale lending program for microfinance institutions. The new entity will be owned by BPI ( 40% ), Globe Telecom Inc (40%) and Ayala Corp (20%).
In separate disclosures to the Philippine Stock Exchange, Globe Telecom and BPI said they await BSP approval for change in name and grant of electronic banking license. They are also seeking Securities and Exchange Commission approval of some amendments to the Articles of Incorporation and By-Laws of Pilipinas Savings Bank.
The mobile microfinance bank will be set up in Globe’s distribution centers, with the Ayala-led telco providing G-Cash to microfinance organizations and rural banks. An SMS-based technology, G-Cash allows money transfer and loan collections via text messaging.
Sources:
- Ayala group gets green light for new mobile bank
Yehey Finance August 20, 2009 - Globe Telecom, BPI disclosures to the Philippine Stock Exchange
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