Bank of the Philippine Islands’ (BPI) subsidiary, BPI Direct BanKo, has launched its e’Nay app, aiming to onboard 100,000 sari-sari store owners within a year.
According to Rod Mabiasen, BanKo’s Head of Financial Inclusion and Microfinance, over 70,000 accounts have already been opened and automatically enrolled in the app, with expectations that all these accounts will be activated by the fourth quarter.
The app offers various features, including “special loans” that allow users to order and purchase inventory using approved credit lines ranging from P5,000 to P25,000.
BanKo aims to disburse at least P15 billion in loans to approximately 250,000 clients through the app by the end of 2023.
The e’Nay app is linked to clients’ PondoKo savings accounts and provides access to standard basic deposit accounts (BDAs) that have no maintaining balance, dormancy charges, and require simple identification for account opening.
BSP Governor Felipe Medalla emphasized the importance of user-friendly apps to promote digital payments among micro, small, and medium enterprises.
BanKo has already supported over 300,000 self-employed microentrepreneurs with a combined P40 billion in loans, primarily through its Negosyo Ko loan program. Presently, around 32,000 sari-sari store owners have active loans from BanKo.
