Mobile Philippine bank aims for 1 million depositors

BPI Globe BanKo, which its owners claim is the world’s first mobile savings bank, intends to enroll one million depositors by 2013.

“We are exceeding expectations,” President Teresita Tan said.

She noted the huge market for their service consists of the 95% of Filipinos without a savings account. The bulk of these belong to the lower income classes. BanKo now has a total of 200,000 depositors and some 1,000 to 1,500 people a day are opening accounts at the bank

The BanKo service has no transaction ceilings and can be used to make purchases up to millions of pesos. The minimum deposit is about US$2.40 and 7-year olds can open an account.

Transactions can take place anywhere via mobile phones or through neighborhood BanKo outlets. BanKo is capitalized at US$13 million and has extended over US$48 million in loans to micro financing at 3% interest.

BanKo is a partnership between Bank of the Philippine Islands, Globe Telecom and Ayala Corporation. BanKo began actively pushing its banking concept only last year.