FINTQ And BSP Launched "KasamaKa" For Digital Finance!

Recently, FINTQ together with BSP and partners launches the promising "KasamaKa" grassroots movement for inclusive growth through digital finance services!

For Inclusive Growth!

KasamaKa is community and income building initiative that aims to increase financing access to more filipinos through digital referral system that benefits individual enterprises to steer them way from informal lending by giving them access to reasonable credit costs and introducing them to a complete suite of digital financing services.

Many Filipinos remain at the outskirts of society when it comes to access to finance, which translates to limited economic opportunities needed to drive inclusive growth. We welcome FINTQ's KasamaKa as a private sector initiative that supports the objectives of the National Strategy for Financial Inclusion. We see its potential to promote the development of inclusive digital finance and establish a mechanism where Filipinos can become ambassadors of financial inclusion in their respective communities, said Nestor A. Espenilla, Jr., Governor at Bangko Sentral ng Pilipinas.

The initiative aims for the BSP’s National Strategy for Financial Inclusion (NSFI) framework to be translated into an inclusive, on-ground, scalable, and sustainable execution that will also help push the share of digital transactions in the country to 20% by 2020-one of the key goals of the National Retail Payments System (NRPS).

"Digital technology plays a key role in giving wider access to finance for all–but it must be complemented by a program that recognizes the realities lived by Filipinos every day. KasamaKa aims to be that bridge linking the government and the private sector's efforts to the common folk so that all of the benefits of technology are genuinely felt by all," added Manuel V. Pangilinan, Chairman at PLDT, Smart, Voyager and FINTQ.

Lito Villanueva, Managing Director at FINTQ! 

It wants to address the gaps in access to financial instruments nationwide which according to the inaugural FINTQ Inclusive Digital Finance Study 2017 which is to this day unequal across the country. Only 23 out of 82 provinces make up virtually all of the domestic deposit and domestic loan volumes in the Philippines.

Digital and mobile technologies provide the much-needed boost in pushing financial inclusion in the Philippines, said Lito Villanueva, Managing Director at FINTQ. “Using only their mobile phones, users can now apply for a loan, open a micro savings account, buy an insurance product, start with a micro investment, send money to loved ones or pay bills from wherever they are in the country. Through KasamaKa, we are building a groundswell of inclusive digital finance ambassadors who will help spread the advantages of these innovations to their respective communities, while earning additional income in the process.

To be able to achieve the goal of financial inclusion, FINTQ partnered with various companies and entities from several sectors of society that will help fill the gaps needed to roll out the program on a massive scale.

The rollout of digital lending service Lendr is just one of the many digital financial interventions that would jumpstart the country's digital transformation. So far, it is the largest digital lending service in the country with the most extensive digital footprint covering 100% of provinces, 91% of cities and 15% of municipalities, added Villanueva.

Other than enabling Filipinos with additional income, KasamaKa will launch a nationwide caravan that will teach financial literacy to the Filipino Communities.

KasamaKa is true financial inclusion at work that will not only help push for a more inclusive growth in the economy, but will also help realize the digital transformation of various sectors of society. This has been our vision at Voyager from the start–to help bridge the digital and financial divide in the country, which will help in creating 'one happy planet', said Orlando B. Vea, President and CEO at Voyager Innovations.

For those who are interested in becoming a KasamaKa builder, they only need to register via www.kasamaka.com or text KKK to 292901555 to receive their unique Builder ID, which they can share with their family, their friends and their community members who would like to avail themselves of various digital financial services such as loans, insurance, micro-savings and micro-investments among others and be able to ear as much as PHP 300 for every successful application.