Sari-sari store owners urged to go into financial services via mobile money hubs

Soft drinks, junk food, mobile load are just some of the items sold in an ordinary sari-sari store, but some owners have raised the bar by offering financial services such as mobile money, remittances, and bills and loans payments in their stores.

 

Many areas in the country have no access to the banking system, prompting a group to start a program and help sari-sari store owners, specifically mothers, to establish mobile money hubs in their outlets.

 

According to Hapinoy, a social enterprise that empowers women microentrepreneurs, about 37 percent of Filipino municipalities in the country have no banking services, but mobile money hubs are bridging the gap by offering remittance and bills payment services in rural areas.

 

Not only does it help communities, it also empowers women and helps provide their daily income, said Hapinoy co-founder and president Mark Ruiz at the launch of Mobile Money Hubs on Thursday.

 

"Ang ginagawa namin, nilalapit natin ang financial services sa barangay mismo. Ang ginagawa natin, ang sari-sari store ng kapit-bahay mo ay mayroon nang mobile financial services," he said.

 

Under the project, the Hapinoy nanays undergo mobile literacy training, Ruiz said.

 

After the training, the nanays may take a loan from a partner microfinance institution (MFI), like the Center for Agriculture and Rural Development Inc., to finance their mobile money hub.

 

"Ang Hapinoy package talaga ay training, link sa ating mga microfinancing institutions para sa kapital... Pangatlo ay ang bagong negosyo, ang mobile money hub... So, iyon ang formula ng Hapinoy," he said.

 

"Si nanay, hindi ito libre sa kanya, mayroon siyang kapital na manggagaling sa MFI, i-invest niya iyon sa ganitong negosyo," he added.

 

Ruiz noted that store owners may initially borrow P10,000 as start-up capital for the mobile money hub.

 

Mga nanay sa rural areas

 

Ruiz said that they are targeting nanays or store owners in rural areas.

 

"Sa probinsya concentrated kasi doon namin nakikita ang pangangailangan. Dito kasi sa Metro Manila, marami kang option," he said.

 

"Nagsisimula palang po tayo sa pilot, we have a little under twenty, pero balak po nating paramihin ito in the next few years," he added. – VS, GMA News