The Philippines has a very big unbanked and uncarded population. Especially those that are located in the provinces. Just getting an atm card or being able to withdraw funds is especially challenging in some areas. Fexco aims to make things easier for both the users and banks and institutions.
One of the services that Fexco Philippines Easy Debit which allows banks and financial institutions to be able to increase their reach easily anywhere in the country. And with the launch of Springpoint which
One of Fexco’s products Springpoint is a financial technology solution for banking and non-bank financial service institutions, allowing them to expand without the associated capital expenditure. Springpoint offers an expanded service set beyond cash-out, allowing financial institutions to offer value added services such as cash-in, bills payments, loans, and account opening.
“Many Filipinos can potentially benefit from Springpoint, as it is a community enhancing technology,” Cathal Brendan Foley, CEO of Fexco Philippines states. “Today, 77 percent of adult Filipinos remain unbanked and our technology aims to eliminate friction in the move toward financial inclusion for all. By working with relevant local partners, we will be able to make significant progress towards providing financial services to every Filipino.”
Fexco has strong partnerships with banks like Cantilan Bank, Al-Amanah Islamic Bank, Rural Bank of Rizal and CTBC Bank.
“Rural banks are key partners in our goal to make banking services more accessible for every Filipino,” Foley said. “Through their network we are able to bring EasyDebit to more people across the country while enabling us to introduce Springpoint as accessible innovation for all.”
All that’s needed is a phone with internet or data, the app and the device from Fexco to be able to cash out withdrawals to users.
Fexco Philippines introduced EasyDebit in December 2017 as a MicroATM to augment the lack of ATMs in the country. “To date, EasyDebit has processed P3.5 billion in terms of cash-out transaction value and has seen a 200 percent year-on-year growth in transactions,” Foley shared.
“EasyDebit is a unique solution that helps enhance financial inclusion by putting an ATM in small and medium-scale businesses around the country. Now, the nearest grocery, pawnshop, or even sari-sari store can be a place for every Filipino to make safe, secure, and instant withdrawals from their accounts. That level of access can prove transformative for many Filipino communities,” Foley added.
Imagine just going to your nearest sari sari store to withdraw.. deposit or even pay for bills?
