FINTQ to enable Pinoys to deposit to bank accounts via sari-sari stores

FINTQnologies Corp. — the financial technology unit of Voyager Innovations Inc. — plans to tap the micro, small, and medium enterprises (MSMES) to act as cash agents for banks in the Philippines.

In a press conference in Pasay City, FINTQ managing director Lito Villanueva said the company will act as a medium to enable MSMEs to act as cash agents for Philippine banks.

According to Villanueva, with the program, unbanked individuals will be able to open accounts with sari-sari stores which will in turn act as retail banking operators.

"In the months to come, our products will allow consumers to deposit in their bank accounts small amounts, not directly at a bank branch, but through sari-sari stores and other MSMEs," he said.

"We are doing this to enable our partners in the banking and finance indsutry so we can all accelerate the state of financial inclusion in the country," Villanueva added.

According to Villanueva, the program will formally be launched this quarter, following the approval of the Bangko Sentral ng Pilipinas.

"Accessing bank products and services will be as easy as loading up your prepaid mobile number or buying a shampoo sachet," he said. —KBK, GMA News