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RCBC accelerates digital enablement of coops nationwide

RCBC accelerates digital enablement of coops nationwide

Over 10 percent of RCBC ATM Go’s more than 1,000 merchant partners nationwide are cooperatives. RCBC ATM Go is the Philippines’ first neighborhood handheld mobile device that has the most extensive reach covering all 82 provinces in the country with more than 1,500 terminals. It is RCBC’s bank-agnostic business-to-business last mile digital financial service through partner micro, small, and medium enterprises meant to cater to geographically isolated and disadvantaged areas. Approximately 60 percent of its transactions are cash card withdrawals done by 4Ps Pantawid conditional cash transfer household beneficiaries. On average, ATM Go’s monthly transaction is now close to P1 billion or about P12 billion annually. RCBC ATM Go accepts any Bancnet prepaid or debit ATM card. Its five-year compounded annual growth rate was registered at 85 percent.

“We will at least double our partner merchant network and triple the number of our terminals next year where more than 20 percent are partner cooperatives,” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.

RCBC helped the government in disbursing cash subsidies under its social amelioration program. RCBC digital platforms have disbursed over P16.2 billion servicing more than 5.1 million household beneficiaries benefitting approximately 25.5 million individuals.

RCBC ATM Go is currently the only bank that provides real-time settlement of all cash disbursements made by its merchant partners making it more convenient to do business. RCBC provides a set of welcome incentives for its new RCBC ATM Go partner-merchants: RCBC waives its revenue share from service fees for two months, free monthly data for the device, free use of the terminal, three months grace period for falling below transaction requirements, and merchandising support.

Recently, RCBC supported and participated in the 2022 Metro Manila Cooperative Congress alongside key industry speakers, government officials, and other notable figures. With this year’s theme of “Responding to the Signs of the Times,” Villanueva spoke on the relevance of cooperatives in the era of digitalization.

“One of the key determinants of today’s business expansion and survival is the migration into digital. Cooperatives play an indispensable role in our economy and in the financial-wellbeing of Filipino families, underscoring the need for our cooperatives to thrive in the digital economy,” Villanueva added.

Villanueva also emphasized the indispensable role of cooperatives in the Philippine economy, citing that around 10.7 million Filipinos are members of 18,000 cooperatives. These cooperatives contribute P3.9 billion to the economy, and also to the financial well-being of Filipino families.

Villanueva shared the four digital pillars for future-proofing cooperatives through a self-made COOP acronym – Charting the market; Open system; Opportunity maximization; and Partnerships and synergies.

RCBC recently partnered with the Cooperative Development Authority (CDA) to digitally-enable cooperatives nationwide last July 2, 2022, during International Cooperative Day. The goal of the collaboration is to foster digital financial inclusion by educating cooperative members on financial health, savings, insurance, payments, and digital platforms. This partnership is aligned with RCBC’s thrust in promoting the National Strategy for Financial Inclusion and the Digital Payments Transformation Roadmap led by the Bangko Sentral ng Pilipinas.


About The Author

Raymund Ravanera is an accomplished and experienced graphic designer with almost 20 years of creative expertise working in the graphic design industry. He loves the latest gadgets, food and movies. Currently, he owns and manages megabites.com.ph, an online technology and lifestyle blog since 2015.

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