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US Champions Mobile Banking Push for the Unbanked in the Philippines

The United States Agency for International Development is set to launch a mobile banking project aimed at unbanked Filipinos and increasing the access to financial services.

A statement from the US Embassy in Manila said that Maura O’Neill, USAID Chief Innovation Officer and Senior Counselor to the Administrator, is in Manila from September 9 to 12 to launch the Scaling Innovations in Mobile Money (SIMM) project.

The project seeks to give Filipinos easier and efficient ways to access various financial services like banking and payment with the use of mobile phones. The Philippines is a country with a high number of mobile phone users and the project aims to tap this for uses like payment, government services and electronic payroll.

O’Neill is also said to be meeting with local civil society organizations to improve the relationship between USAID and local institutions.

According to a recent report entitled “Information and Communication for Development: Maximizing Mobile,” there are 101 mobile phone subscriptions for every 100 users in the Philippines.

Key Stats

  • 101 mobile phone subscriptions for every 100 users

US Embassy Official Statement: “O’Neill will lead the launch of USAID’s Scaling Innovations in Mobile Money (SIMM) project, which aims to give Filipinos easier and more efficient access to banking and payment services through mobile phones.”

Source: technology.inquirer.net

Current technologies have prompted innovations in the banking industry. How successful will the SIMM initiative be with the set of goals it has now? 

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