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Session 8: Island Ac0va0on Program:
Empowerment Through Mobile Banking
Jun Perez SEEDFinance
2012 RBAP-MABS National Roundtable Conference June 7-8, 2012
Hyatt Hotel & Manila
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The SMART Islands Activation Program Empowerment through Mobile Banking
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Islands Ac0va0on Program (IAP) • an ini;a;ve of Smart Communica-ons, Inc ., which aims to provide mobile based financial services to remote communi;es. • designed to target Microfinance Ins;tu;ons in remote areas where access to financial services is limited. • a partnership of SMART-‐MFI-‐SEEDFINANCE • enabling island residents to perform mobile remiEances, e-‐load purchases, bill and u;lity payments and other micro purchases, all via mobile. • launched in October 22, 2008
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Islands Ac0va0on Program (IAP)
Aspira0ons • To provide communi;es in far flung areas affordable access to mobile-‐enabled financial services.
• To present clients/members of the Ins;tu;on with a sustainable business opportunity that may augment their present livelihood ac;vi;es
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Role of SMART on IAP
SMART • provides the technology and access devices (SIM, Smart Money Account) that makes mobile money possible • enables the plaPorm and services while engaging with partners who are willing and able to run the technology
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Role of Partner MFI on IAP
Partner MFI • promotes and encourages the use of SMART Money services among members of the community using merchandising collaterals and promo;onal materials provided by SMART • loyalty and usage programs are designed and implemented by the Ins;tu;on to further promote SMART Money reloading and encashment services
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RemiAance
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Ac;vated Smart Money Centers in 71 remote rural communi;es.
Released 7,624 Smart Money Cards in partners’ areas, as of 3-‐31-‐12
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SEEDFINANCE Support MOBILE BEAT : Mobile Banking Educa;on And Training (MBEAT)
• designed to educate Microfinance Ins;tu;ons, as well as microfinance clients, the technical and prac;cal use of mobile banking in their day to day financial transac;ons. • modules for MFIs are designed for Product Planning and Development, Computer Literacy & MIS Management, Liquidity & Fund Management and Marke;ng & Customer Service.
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Clients’ experiences ATTRIBUTES PHYSICAL BRANCH BRANCHLESS BANKING
(THRU SMART MONEY)
LOW COST
NEARBY 1 HABAL-‐HABAL RIDE AWAY
AT FINGERTIPS
SAFE NEED FOR MAINTAINING BALANCE
NO MINIMUM BALANCE
AFFORDABLE CLIENT PAYS FOR CHARGES FOR BELOW-‐MAINTAINING OR DORMANCY CHARGES, ETC.
NO HIDDEN CHARGES
HIGH VALUE
FREQUENT OPPORTUNITY TO TRANSACT
CANNOT TRANSACT 2 TO 3 TIMES A DAY OR MORE
ANY NUMBER OF TIMES WITHIN THE DAY
USER FRIENDLY CANNOT UNDERSTAND A BANK STATEMENT OR THE TCS (TRANSACTION CODES IN THE PASSBOOK)
CAN UNDERSTAND A SIMPLE TEXT CONFIRMATION
VARIETY OF VALUES, TERMS, SCHEDULES
CAN PAY LOANS BASED ON FIXED AMORTIZATION SCHEDULE
IF AVAILABLE, CAN TEXT THE PAYMENT ANYTIME, EVEN IN ADVANCE OF DUE DATE
MULTIPLE, CONNECTED PRODUCTS
SEPARATE DEPOSIT PASSBOOK, LOAN LEDGER, ETC.
CAN TRANSACT EVERYTHING THROUGH MOBILE PHONE
ADAPTED TO UNIQUE NEEDS OF THE POOR
CONFINED TO DEPOSIT AND LOANS AND REMITTANCE
CAN PAY BILLS, LOANS, DEPOSIT, REMIT, ETC.
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Lessons Learned
• INSTITUTIONAL PREPARATION IS A CRUCIAL FACTOR TO SUCCESS
• CLIENTS NEED TO BE EDUCATED, TOO, ON BUSINESS POTENTIALS
• LIQUIDITY HAS TO BE MANAGED CAREFULLY • NOVELTY NEEDS TO BE REINFORCED BY INTEGRATING MOBILE BANKING WITH CORE SAVINGS & CREDIT OPERATIONS
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The Vision for the Future SMARTowns Cashless, Branchless
Banking ATMs SMART
money Mobile tellers
• BRINGING MOBILE BANKING TO ISLAND COMMUNITIES THROUGH AN ECOSYSTEM OF MOBILE/E-‐MONEY, ATM MACHINES, POS MACHINES, MOBILE TELLER MACHINES, THROUGH COOPERATION OF TELCOs, KBs, ATM SOLUTIONS, SYSTEMS PROVIDERS, & MFIs
• CUSTOMERS LINKED TO ELECTRONIC CASH PLATFORMS, TRANSACTING & REALIZING TRANSACTIONS AT THEIR OWN TIME, AT THEIR CONVENIENT PLACE
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In 2010 and 2011 we ini;ally worked with savings and credit coopera;ves
In 2012, we partnered with RBAP-‐MABS to assist in the SMART Money Program
for rural banks
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We firmly believe...
MOBILE BANKING IS THE WAY TO GO FOR MICROFINANCE THAT IS ...
ACCESSIBLE, RELIABLE, & AFFORDABLE!
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THANK YOU! That’s all she wrote...