NextGen Day

The BPI Direct BanKo Inc., A Savings Bank (BanKo) mobile app, has over 70,000 sari-sari store (convenience store) owners from four provinces in Luzon signed up, and a bank executive expects these numbers to reach about 100,000 in a year.

BanKo business head of Financial Inclusion and Microfinance Solutions Rod Mabiasen stated that some of the enrollees had opened a deposit account with the bank called PondoKo, which will serve as a fund source that will be used to buy groceries from the mobile app, on Monday for the launch of eNay, the mobile application designed for store owners.

“By the end of the year, we expect to have activated all 70,000 account customers we have enrolled thus far. By the end of the year, I hope that we will have activated the store owners that we have enrolled, who have reached more than 70,000, and that we will have achieved up to 100,000 after one year of debut. After a year of debut, if these rise, we can achieve up to 100,000,” he said.

According to Mabiasen, the app’s initial users are Pampanga, Bulacan, Laguna, and Rizal store owners.

BanKo has collaborated with the UltraMega supermarket as the supplier of groceries and with the financial technology company Innovaris as the creator of the mobile app, whose crew travels to the storefronts to introduce the app.

Store owners can place online orders through the app, and orders placed between 8 a.m. and 12 p.m. will be delivered the same day; orders placed after noon will be delivered the following day.

Innovaris’ founder and chairman Joey Mendoza said they would collaborate with other significant grocery stores in other regions to guarantee that the orders will be delivered right away to the store owners.

Store owners are now exempt from paying delivery costs for their ordered groceries.

Governor of the Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, praised the initiative during the same ceremony and noted that as more people establish bank accounts and participate in the official financial system, the government’s effort to promote financial inclusion is strengthened.

“I’m quite optimistic that this way of supplying to sari-sari stores could, in the future, be the dominant way of doing it,” he stated.

According to Mabiasen, a loan product will either be made available to eNay consumers in the latter half of 2023 or in the early months of 2024.

He stated that the initial loan would be for PHP5,000 and could be used to cover at least PHP500 worth of groceries. The maximum loan amount planned is PHP25,000.

“By the end of the year, we should have a total loan book of PHP15 billion. We currently have 250,000 consumers who we are lending money, and by the end of the year, we expect to have a total loan book of PHP 15 billion. And we would have given loans to over 250,000 customers),” he continued.

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