Philippine rural lenders have expressed intentions of expanding mobile banking services through third-party agents such as sari-sari stores.
The proposal will allow rural banks to offer services to more clients, especially in far-flung areas, an official of the Rural Bank Association of the Philippines (RBAP) said.
The initiative involves appointing merchants – such as sari-sari stores – "which have the ability to service significantly larger amounts," RBAP past president Tomas Gomez IV said in a briefing.
By allowing these small establishments to handle bigger amounts through electronic banking, these merchants may also be able to offer financial services to their clients.
"The sari-sari store has already the infrastructure but it requires additional training and management. I cannot pre-empt what the BSP is saying
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