Krystal Bantic, owner of Ivee’s Sari Sari Store and a Cash Agad partner agent in Quirino, Cagayan Valley facilitating a withdrawal transaction. Contributed photo
ANGELES CITY — BDO Unibank is helping the micro, small, and medium enterprises (MSMEs) recover through financial inclusion with basic banking with its Cash Agad service as shared in an online press briefing via Zoom on Friday.
Cash Agad is BDO’s safe and convenient service that will provide basic monetary transactions for the unbanked communities especially in remote and rural areas. Cash Agad is also a practical solution for residents who have little to no-access to bank services.
By partnering with established stores and shops in different areas and communities, BDO will provide the MSME store owners with a point-of-sale (POS) terminal to use for locally-issued ATM from banks and non-bank financial institutions for basic transactions such as balance inquiries and cash withdrawals.
A sari-sari store owner from Cagayan Valley, Krystal Bantic became a Cash Agad partner agent last year. Krystal said having a Cash Agad service benefited both the MSMEs and the people in their communities especially during the lockdown situation as banking service in their area is too far of a travel.
“People would make the trip to Candon even though it’s quite far, about four hours, because it was a mix of both business and leisure for them. The fare costs at least P400 for a round trip and they would spend more if they included food expenses,” said Krystal.
“Grabe po, noong nagka-lockdown dito sa amin. None of us could leave. The local government ordered all transportation to stop. No one was allowed to go out. People had nowhere else to go to get needed cash to spend for food and other basic needs. So, more and more people come to my store not only to withdraw cash but also to buy essential goods,” she noted.
According to Jim Nasol, BDO Unibank head of agency banking, BDO is helping communities recover economically through the Cash Agad service as it is convenient, easy, and practical.
“Krystal’s experience really shows how the Cash Agad service expands financial inclusion in far-flung, hard-to-reach areas in the country. The result is a boost to the local economy. Established businesses earn more. More businesses are set up. The engine of local economic activity is pumped up and eventually, there’s improved quality of life for the resident” said Nasol.
“If the country’s economy is ever going to bounce back from the pandemic, it will take all of us—big businesses, MSMEs, and both urban and rural communities and their local governments—to help each other and do our part. There’s a certain inspiration, a beautiful sort of hope when you see communities working together to rise up and recover from a crisis. BDO is doing its part in helping communities recover economically through the Cash Agad network,” he added.
