Top micro, Small and Medium Entrepreneurs from rural and remote areas took the spotlight for scaling inclusive banking nationwide at the Rizal Commercial Banking Corporation (RCBC) ATM Go Gawad Kabalikat sa Negosyo 2024 Sales Rally and National Awards held last April 12, 2024 at the Marquis Events Place in Bonifacio Global City in Taguig City, Metro Manila.
The entrepreneurs were prime advocates of financial inclusion in their community by utilizing RCBC ATM Go, the country’s first grassroots-oriented, bank-agnostic, and mobile-point-of-service ATM network. The revolutionary digital solution enables rural and remote areas to have access to basic banking services such as cardless cash withdrawals, bank transfers, bills payments, mobile loading, and disbursement of government benefits.
By promoting financial inclusion in their communities and easing the availability of banking solutions, the entrepreneurs were able to expand their businesses, acquire additional capital, and expand their channels of income. Prior to the National Awarding, entrepreneurs in Luzon, Visayas, and Mindanao that garnered the highest transaction volume were also recognized by RCBC through dedicated awarding ceremonies for each region.
RCBC President and CEO lauded the efforts of ATM Go partner merchants. “Today, we recognize the most diligent and daring of all RCBC ATM Go merchants nationwide. Together, we transformed communities and brought banking to remote, rural, and disadvantaged areas. And together, we will move forward to a truly financially inclusive country,” said Acevedo.
The entrepreneurs are one of the foundations of RCBC’s sustained growth as a leading digital challenger bank. In the global stage, RCBC has attributed its various global recognitions such as the four-peat Best Bank for Digital award by Asiamoney to dynamic and dedicated entrepreneurs in the RCBC ATM Go network.
Dr. Ahmad Falmi Usman, an awardee from Sibutu, Tawi-Tawi, said that RCBC ATM Go exponentially grew their store’s income. “Around 60 to 70% of our income comes from ATM Go. Our store did not have strong sales because we relied on small commissions from a few remittance transactions. But with RCBC ATM Go, our clients and our income increased,” Dr. Usman said.
Another awardee also shared how the solution increased their capital. Everlyn Sabandon of Sta. Josefa, Agusan Del Sur said, “RCBC ATM Go helped increase our income. Before we joined the program, we only had a small capital. But now we have higher cash reserves which makes us feel good.”
Liz Ellaine Sol Mayor, a top merchant from Siocon, Zamboanga del Norte, also shared her journey as an entrepreneur with RCBC ATM Go. “I have started way back with a capital of only a few thousand, and now, thank you RCBC, for making me a millionaire,” Mayor said.
RCBC ATM Go, beyond bolstering entrepreneurs’ incomes, plays a vital role in the government’s conditional cash transfer program, with 60% of transactions linked to the Pantawid Pamilyang Pilipino Program (4Ps). Cloe to P31 billion (USD 542 million) has been disbursed since the pandemic, covering 7.7 million households, thereby benefitting more than 38.8 million individuals. This underscores entrepreneurs’ significance in the government’s poverty eradication efforts and the upliftment of Filipinos. Notably, 63% of ATM Go agents and 70% of its customers are women.
RCBC ATM Go empowers and connects geographically isolated areas like Lake Sebu in South Cotabato, Turtle Island in Tawi-Tawi, and Calauan in Laguna to the digital and financial ecosystem. Utilizing Starlink for internet connectivity, 25% of ATM Go merchants thrive in these regions, especially in island municipalities. By extending digital services to underbanked areas, RCBC contributes to the nation’s digital transformation journey initiated by the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap in 2019.
The bayanihan of the partner merchants and RCBC enabled the bank to reach a coverage rate of 81% of municipalities, 100% of cities, and 100% of provinces nationwide. Full coverage of municipalities is seen to be realized before the end of the year. It recorded a 727% year-on-year growth rate as an excess of 6,000 terminals were deployed and 2,100 partners were onboarded into the program, growing by over 50%.
RCBC Executive Vice President and Chief of Innovations and Inclusion Officer Lito Villanueva highlighted how ATM Go helped empower MSMEs as agents for inclusive growth by moving from transactional to transformational. “Every transaction is a step towards transformation. It’s about paying it forward by ensuring our fellow Filipinos have access to transformative banking experiences. No one should be left behind in this journey towards progress. It’s time for all of us to rise together,” Villanueva said.
Tagged as a major financial inclusion solution, 90% of RCBC ATM Go’s transactions are generated outside Metro Manila and 60% of them are connected to the conditional cash transfer program of the government. Meanwhile, payroll disbursements to teachers, military, police personnel, and pensioners also significantly influence RCBC ATM Go’s performance. For the coming years, RCBC’s digital solution is foreseen to become an important pillar for the country’s growing tourism sector as it becomes the first agency banking implementation to cater to international-issued cards to be accepted in RCBC ATM Go network in key tourist spots with little to no banking access.
Bangko Sentral ng Pilipinas Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo-Puyat lauded RCBC’s efforts. “Your [RCBC] commitment to providing essential financial services to our fellow Filipinos, particularly those in remote areas, or hesitant to engage with traditional banking, is commendable, you are indeed, modern day heroes,” Romulo-Puyat said in a video message.
Other government officials who delivered their messages of support are Department of Trade and Industry Undersecretary for MSME Development Group Ms. Cristina Roque, Department of Social Welfare and Development (DSWD)Undersecretary for Policy and Plans Group Atty. Adonis Sulit, Department of Interior and Local Government (DILG)Undersecretary for Local Government, Mr. Marlo Iringan, and Cooperative Development Authority (CDA) Director for Credit Surety Fund Service Mr. Joselito Hallazgo.