Mobile-based, Microfinance-focused Banking

wpengine
October 30, 2015

Pointwest supports its client, the 1st mobile — based Microfinance focused bank in the Philippines, in its mission to provide financial inclusion to the country’s unbanked and extend access to formal financial services primarily using the mobile phone services. It was established in 2009 as a milestone partnership between three (3) local companies, all of them a major player in their respective industries: a major bank, a leading telecommunications company, and one of the biggest and most respected conglomerates in the Philippines.

Out of the 80 million population of the Philippines, an estimated 20% of the household remains unbanked with no access to savings accounts, credit cards, or online transactions. The challenge is typically reaching the underserved areas in isolation that are too costly for traditional banking institutions to operate; or the individuals’ lack of essential requirements to open/maintain an account then regularly travel to transact with the nearby banks.

POINTWEST is the sole IT-arm that has developed its service delivery solution – from ground zero to 300,000 customers in 2012 and reaching 1M customers in 2015. Our client launched a savings product with the use of an E—wallet (Virtual Wallet) platform linked to an ATM network, a broadband telecoms infrastructure, and a network of cash-in cash-out agents. Using both mobile phone and web-based applications, the following features are supported:

• E-­‐wallet reloading/top-­up through scratch cards
• E-wallet reloading/ top-up through pass-a-load from a benefactor, extending to a payroll disbursement channel
• Fund Transfer
• Account Balance Inquiry
• Load Balance Inquiry
• Payment Inquiry
• Bills Payment including Electric Cooperatives for Post-paid and soon for Pre-pay Metering service
• Loans Payment
• Insurance Payment
• Transaction History
• Refer a customer
• Rules management and approval