No Near Bank: Financial Inclusion in the Philippines
An enlightened approach to financial regulation is opening up innovative opportunities for poor and low-income customers in the Philippines. Before G-Cash came to the island of Rapu-rapu, customers had to take a 3-hour boat ride to the nearest bank branch in Legazpito do basic banking. Today they can receive remittances and pay bills using a cell phone through the local grocery store, a G-Cash agent.
In Manila, we see low income clients in Quezon City opening new bank accounts through their local pharmacy store. Know Your Customer, or KYC rules, allow trained agents to verify the identity of people when opening new accounts These efforts to create regulation that promotes financial inclusion can actually contribute to financial stability and integrity, says Pia Roman of the Philippines central bank.
Camera and editing by Peter Cairns
Written, produced, and directed by Jeanette Thomas
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