Digital platforms leading Phl to greater financial inclusion

The rise of various digital platforms is preparing the country for a financial services revolution leading to inclusion, G-Exchange Inc. president Albert Tinio said.

“Filipinos have come of age and are ready to take the next step forward. We are world leaders when it comes to social media and we are very comfortable with the internet. We have gone beyond calls and text and we seek to do more with our mobile phones,” said Tinio, who heads G-Exchange, operator of mobile money payment service GCash

“Thus, mobile financial services present an opportunity to complement mainstream financial services to serve millions of financially underserved Filipinos,” he added.

Tinio said the growing number of people embracing digital platforms could help address the country’s constant dilemma on financial inclusion.

At present, there are about 106 million Filipinos with active SIM cards reaching 120 million. In addition, there are 73 million mobile phone users in the country, 34 million of which are unique smartphone users. At any given time, there are 67 million Filipino users online.

Leading this group of active mobile and internet users who can easily benefit from mobile financial services are the youth - young professionals, freelancers and students—who are adaptive to modernization and are at ease with technology. This is followed by households in the cities where technology is prevalent and, eventually, those in provincial areas.

“We see that path, we see that migration: The youth, the urban centers and, then, to the rural centers. Is it limited to pure consumers? No. Included in that journey are the enterprises. The needs of those in rural and urban areas are the same. We’re all entitled to that financial service,” Tinio stressed.