The Bangko Sentral ng Pilipinas (BSP) co-hosted the launch of KasamaKa: Community and Income Builder, an inclusive ecosystem-building movement in support of the National Strategy for Financial Inclusion (NSFI). KasamaKa is a project of FINTQ by PLDT, the largest financial technology (fintech) company in the Philippines, to generate a critical mass of 1 million Filipinos with access to a suite of digital financial services such as micro savings, micro insurance, micro investments, payments and credit. KasamaKa effectively makes members of the lower-income segment promoters of formal financial services with the aid of technology. This public-private collaboration also supports the National Retail Payments System’s (NRPS) national target of increasing digital transactions to 20% of total transactions by 2020.
As Chair of the NSFI, BSP has been in the forefront of promoting the use of digital technology in financial transactions and is advocating the use of technology for financial inclusion. Aside from the obvious benefits of digital technology in financial transactions such as lower costs and ease of use, it enables people, especially from the lower-income segment, to avail of financial services they would not have otherwise.
The event was attended by representatives from the various sectors of society joined by a common hope of financial inclusion. By opening its doors to various stakeholders and supporting endeavors such as FINTQ’s KasamaKa movement, BSP is showing its solidarity with private sector entities, other government agencies, and the low-income sectors of society in the pursuit of a higher quality of life for all Filipinos.