MANILA - BDO Unibank said Wednesday it found a way to provide banking services such as withdrawals for the unbanked and residents of far-flung areas where there are no banks or automated teller machines.
Its Cash Agad service offers access to money through sari-sari stores, salons, hardware stores, water refilling stations, drugstores and other mall retail businesses, the bank said in a statement.
Residents do not have to travel long hours and spend on transportation just to withdraw money, BDO said.
Partner retail establishments are provided with point-of-sale (POS) terminals capable of accepting transactions using Philippine-issued ATM cards, the bank said. The terminal accepts cards from all banks in the country.
“Our Cash Agad partner agents are the key to broadening financial systems. Financial inclusion can go a long way in making lives easier for Filipinos in secluded communities,” BDO’s head of agency banking Jaime Nasol said.
Businesses with a business permit and a BDO bank account can apply to become a Cash Agad partner agent, the lender said.
BDO said there are 8,000 Cash Agad partner agents in the country.