BPI Direct BanKo Inc. (BanKo), the microfinance arm of the Bank of the Philippine Islands, celebrated its seventh merger anniversary recently with a focus on its mission to become the most trusted microfinance partner of self-employed microentrepreneurs.
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“Our anniversary signifies BanKo’s enduring vision to help build a better Philippines – one family, one community at a time. This commitment resonates in every financial service we provide to the public, with the hope of contributing to making their lives better,” said Josephine Ocampo, chairman of BanKo, in a press statement.
As part of the celebration, BanKo held a blessing ceremony last December for its newly-renovated headquarters in Greenhills, Ortigas Avenue. The four-storey building will be the permanent workplace of BanKo’s executive management and key managerial and support staff.
BanKo said it continues to show growth while it ramps up efforts to have a wider reach.
Fast-tracking expansion
In 2023, the bank fast-tracked its expansion and opened 26 new branch-lite units in different locations across the country, bringing the total number of BanKo branches and BLUs to 346.
“We believe the opening of these new BLUs will usher in new and more opportunities to advance financial inclusion and deliver on our promise of better banking experience for the public,” BanKo president Jerome Minglana said.
Minglana said that while BanKo continues to accelerate its digital transformation agenda to simplify banking experiences in branches, increasing its branch network is essential in ensuring and improving customer satisfaction.
“Although we have been working hard to integrate the human touch on the BanKo Mobile App to replicate the branch experience, there are clients who are still reliant on traditional channels. We aim to be more customer-centric, providing them with a personalized experience they need,” he said.
Rod Mabiasen Jr., head of BanKo’s financial inclusion and microfinance department, announced that starting last December, in time with BanKo’s anniversary month, self-employed microentrepreneurs can now borrow up to P500,000 without collateral.
“We recognize the expanding requirements of the businessmen in growing the business. With the higher loan amount, NegosyoKo loan gets better in matching the need for additional working capital, and stay true to our brand of service,” he said.
The launch of the new and improved features of NegosyoKo Loan caps the year that also saw the introduction of InstaCashKo Line, a ready-credit line made available to existing and new clients of BanKo which allows them access to cash anytime. Year-to-date, BanKo has released P14.2 billion worth of business loans in 2023.
BanKo also offers PondoKo Savings, an ideal starter for those who want to save. The deposit product can be opened via BanKo Mobile app with just P1, has no required maintaining balance and offers 2 percent rebate for every purchase of prepaid load on the app. Depositors can send money to other banks and e-wallets via InstaPay for free.
