FINTQ’s KasamaKA continues to gain strong momentum in municipalities

Moncada Tarlac issues Resolution No. 35, adopting KasamaKA. (In photo) FINTQ Managing Director and KasamaKA Founder and Lead Convenor Lito Villanueva (left) receives the resolution declaring KasamaKA as the official inclusion and social advocacy program of Moncada from Mayor Estelita M. Aquino (right).

KasamaKA, FINTQ’s initiative to bridge the gap between the unbanked and financial services, received overwhelming response from two first class municipalities, manifesting that there is still a huge untapped market for financial institutions.

“Almost 70% of the total adult population of Moncada, Tarlac and San Pedro, Laguna signed up to be a KasamaKA member when our caravan visited the two towns. This high take up rate from two first class municipalities is very telling that access to financial services still remains a challenge. Many Filipinos, even those living in areas with a reported high income level still have limited or no access to financial services and are in search for additional household income,” said Lito Villanueva, FINTQ Managing Director and KasamaKA Founder and Lead Convenor.

Bangko Sentral ng Pilipinas’ latest Consumer Finance Survey Report shows that majority of households or 86% remains to be unbanked or excluded in the financial mainstream.

KasamaKA recently held a roadshow in Davao attended by members of the League of Municipalities of the Philippines and financial inclusion caravans in Moncada, Tarlac and San Pedro, Laguna. During the said events, the League of Municipalities–composed of 1,489 members– and the two first class municipalities issued their respective resolutions declaring KasamaKA as their official inclusion and social advocacy programs. The move is in line with the resolutions separately issued by the League of Provinces of the Philippines and the Liga ng mga Barangay sa Pilipinas, adopting KasamaKA in 81 provinces and over 42,000 barangays across the country, respectively. The Senate of the Philippines also recently adopted Resolution No. 107 filed by Senator Paolo Benigno “Bam” Aquino IV. The Senate resolution seeks to steer Filipinos away from informal lenders by giving them access to reasonable cost of credit and introducing them to a complete suite of digital financial services.

The KasamaKA caravan visited Moncada, Tarlac in May and San Pedro, Laguna in June to encourage all residents to join the financial inclusion initiative that will provide them quick and easy access to financial services and additional household income as they encourage more residents to join the program.

“Through financial inclusion initiatives such as KasamaKA, building of digital platforms, and partnerships with the government and private financial institutions, we aim to reduce the number of unbanked Filipinos,” Villanueva said.

“The League of Municipalities of the Philippines knew from the very start that financial inclusion can make direct, substantial, and meaningful impact when municipalities are at the core of the development strategy. As partner, we affirm our belief that KasamaKA has the most potential in making sure the 60 million Filipinos residing in the country’s 1,489 municipalities are given access to affordable financial services. Sa KasamaKA, walang maiiwan,” said Hon. Fe Villar Brondial, League of Municipalities of the Philippines President and Socorro, Oriental Mindoro Mayor.

For her part, Moncada Mayor Estelita M. Aquino said: “Majority of our constituents want to start and open their savings account or avail of a bank loan, but they do not know how. But now with KasamaKA, this can be done. With a small amount, they can easily open a savings account and they can apply for a loan whenever and wherever they are as long as they have their cellphone.”

Meanwhile, for City of San Pedro, Laguna Mayor Lourdes S. Cataquiza, she said: “With KasamaKA, all entrepreneurs in San Pedro now have better access to a capital to grow their existing business. Being introduced to KasamaKA will certainly help our residents to improve their way of living as it provides easier access to financing and offers additional income for those who will become a KasamaKA income builder. Through the program, they will also learn the value of money and be introduced and have access to different financial products such as savings, loans, and microinsurance.”

Through KasamaKA, Filipinos will now have access to a savings account for a minimal fee, microinsurance, and loans simply with the use of their mobile phones. KasamaKA is a grassroots-based, self-help, and digital-enabled social intervention and last mile solution to promote financial literacy and inclusive growth. It champions sachet financial services for unbanked and underserved Filipinos through platforms and services for digital lending and microinsurance. With partners, it will also make available microsavings, microinvestments, alternative credit scoring, eKYC, and a farm-to-marketplace digital agricultural value chain platform called Accelerated Growth and Rural Inclusion or AGRI.

Becoming part of KasamaKA is easy. One can become a member and get rewards by simply texting KKK to 29292 or by registering at www.kasamaka.com to start referring friends, families.

FINTQnologies Corp. is the leader and award-winning financial technology provider of customer-centric, demand-driven, mobile-first, value-creating, and inclusive digital financial innovations. It is the largest and the only fintech business in the country with diverse digital banking and finance portfolio of platforms including lending, security, micro-savings, micro-investments, insurance, disbursements, micro-credit and virtual banking, among others. FINTQ was named by the Bangko Sentral ng Pilipinas as its 2018 Outstanding Partner for Financial Inclusion for its initiatives to accelerate the inclusion of Filipinos in the financial mainstream through the platforms it builds. For more information about FINTQ and all of its products and services, please visit www.fintq.com.