PLDT-backed Maya is helping the Department of Social Welfare and Development shift government assistance to digital payouts under a program covering about 2.5 million low-income Filipino households.
The e-wallet is supporting DSWD’s UPLIFT Assistance program by helping beneficiaries set up and verify accounts that can be used to receive succeeding payouts.
Maya teams recently assisted beneficiaries in Navotas and Quezon cities with account setup and verification.
“For us, the opportunity goes beyond digitizing the payout,” Maya Bank President Angelo Madrid said.
“When people have access to a digital financial account, they can also start using other services that can help them save, make payments and manage their money better. That is an important part of building financial health over time,” he said.
UPLIFT provides financial assistance to about 2.5 million poor, near-poor and low-income households, with DSWD expanding the use of digital channels to distribute the aid.
Beneficiaries who choose Maya as their digital channel can use their accounts for payments and, subject to eligibility requirements, access savings and credit products offered by Maya Bank.
The initiative is also aligned with the Bangko Sentral ng Pilipinas’ financial inclusion strategy, which encourages the use of digital channels for government cash transfers and social safety-net programs.
The BSP has been seeking to broaden financial inclusion beyond ownership of transaction accounts by encouraging greater use of savings, credit and other formal financial services.
