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The BSP and the AFI have launched a cash agent registration.

MANILA, Philippines β€” The Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion (AFI) have collaborated to develop a register for cash agents, an initiative aimed at bolstering the BSP’s dual aims of financial inclusion and payments digitization.

“The agent register is a regulatory technological tool that will improve the BSP’s cash agent monitoring.” In a statement released Wednesday, BSP Governor Benjamin Diokno said, “The registration will promote the uniform and timely collection of agent data and develop a public database that will help customers discover the nearest accredited agents and their offered financial services.”

Cash agents are retail establishments that provide basic banking services such as cash deposits, cash withdrawals, balance inquiries, fund transfers, and bill payments, such as sari-sari stores, convenience stores, supermarkets, pharmacies, and pawnshops.

By 2020, the Philippines would have approximately 58,000 active cash agents, covering 85 percent of the cities and municipalities served by banking services.

“The BSP understands the importance of cash agents in achieving financial inclusion. They make financial services more accessible to the unbanked and underserved population, particularly in rural areas. Cash agents, in addition to giving simple and convenient access, are also less expensive and less scary than automated teller machines, according to Diokno.

The AFI is a global network of policymakers made up of 101 member institutions from 89 countries that strive to empower its members to promote the financial inclusion agenda by developing, implementing, and advocating for sustainable and inclusive policies on a global scale.

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