This is made possible through BDO Unibank’s Cash Agad, a specialized service designed to bring banking services to remote areas.
Through this community-based banking service, residents can withdraw cash and access basic financial services through BDO’s partner sari-sari stores and other small businesses, particularly in remote areas where access to banks and ATMs is limited.
“So, we are the extension of our basic banking services — withdrawals, balance inquiries, deposits, and bills payment,” said Vincent Yuzon, BDO national sales head for the Visayas-Mindanao Agency Banking Consumer Banking Group.
He pointed out that the biggest challenge in achieving financial inclusion is encouraging people to open bank accounts, especially if there is no bank nearby. But with Cash Agad, there is no reason not to open an account since they can simply withdraw money from their neighbors.
Cash Agad partners
Yuzon said there are about 400 Cash Agad agents spread across every town and city in Cebu — from Bantayan Island in the north to Oslob town in the south.
He added that there are 12,000 Cash Agad partners nationwide, although they are targeting to increase the number to 15,000.
“So, over the span of this year, we’ve already served 96,000 unique cardholders or customers. Regardless of which bank issued their cards, we are able to service all BancNet cards,” said Yuzon during the BDO Business Talk held at the new BDO Corporate Center in Cebu City on May 26.
“This year, we also recently rolled out our cash-in and bills payment services. So now, there’s no need to go to a branch to withdraw, deposit, or pay bills,” he added.
BDO uses mobile POS terminals, similar to those used in restaurants and retail stores, stationed at its Cash Agad partner outlets.
MSMEs
Their partners in Cebu include small stores in public markets, pharmacies, hardware stores, gasoline stations, and water refilling stations across different towns and cities in the province.
But Yuzon said their goal is to have a Cash Agad partner in every barangay in Cebu.
Micro, Small, and Medium Enterprises (MSMEs) that want to earn extra income and become BDO Cash Agad partners only need to submit a mayor’s permit or certification from the Department of Trade and Industry. They must also have a BDO Unibank or BDO Network Bank account.
Once they become Cash Agad partners, they will receive P17 from the P35 service fee collected for every transaction.
Asked how much could be withdrawn per transaction, Yuzon said the maximum limit is P10,000, depending on the limit set by the card’s issuing bank.
E-wallet app
For deposits, customers can verify if the amount has been credited through BDO Pay, BDO Unibank’s digital payment and e-wallet app. The app allows users to send money, pay bills, scan QR codes for payments, buy load, and transfer funds directly from their BDO bank accounts or cards — without needing to cash in to another e-wallet.
“So, with Cash Agad, access to money is already within the community or barangay. Small barangays are financially uplifted because money circulates within their communities,” said Yuzon.
“As part of One BDO, we will continue reaching out to rural and outskirt communities to provide them with financial services.” — Ed: Corrie S. Narisma
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