KasamaKA, a pioneering grassroots-based movement aimed at empowering the unbanked population, has been officially adopted as the financial inclusion and social advocacy program across 81 provinces in the country through a resolution signed by the National Executive Board of the League of Provinces in the Philippines (LPP).
Through KasamaKA, FINTQ—the financial arm of PLDT and Smart’s Voyager Innovations—enables bank and nonbank financial institutions to offer “sachet” financial services, such as microsavings, microinsurance, lending and micro investment, among others—a first in the Philippines.
The initiative will tap millions of sari-sari stores, which can act as correspondent agents of banks. Soon, Filipinos can then access these affordable services and get incentives when they become a KasamaKA member. The initiative will also cover alternative credit scoring for the unbanked and underserved to access affordable financing with corresponding electronic Know-Your-Customer (eKYC) capabilities.
Through a National Executive Board resolution adopted and signed on May 18 by the LPP, composed of the governors of all 81 provinces in the country, they pledged to encourage their constituents to become part of KasamaKA by conducting financial literacy and education campaigns. Together with various partners and with the support of the provincial governments, FINTQ is conducting financial inclusion caravans all over the country.