Digital savings account GSave has grown its base to 5.3 million users, with one out of every five banked Filipino adults now using the service and the platform continuing to reach out to the country’s huge unbanked population.
GSave was created by popular e-wallet platform GCash and one of Southeast Asia’s largest commercial banks, CIMB Bank. It is the first-ever bank account that can be opened and maintained straight from the GCash app.
The number of GSave depositors is expected to increase further as CIMB hikes its interest rate to seven percent per annum for new GSave account holders.
Current depositors enjoy a 2.6 percent annual interest rate, which is much higher than the 0.10 to 1.25 percent offered by traditional banks.
Encouraged by the success of its partnership with CIMB, GCash is set to launch the GSave Marketplace, offering users more choices of bank and savings products that best suit them.
To be onboarded in the GSave Marketplace is Bank of the Philippine Islands (BPI) headed by bankero TG Limcaoco.
Martha Sazon, president and CEO of GCash, said that the e-wallet leader wants to bring financial inclusion to Filipinos nationwide.
“Through GSave, we hope to encourage everyone, especially the unbanked, to open a digital savings account. It can open up a whole suite of financial services like loans, insurance, and investment to help uplift their lives. They only need one ID to open a savings account in GCash, then they can start saving right away and eventually avail of other services,” Sazon said.
Aside from high interest rates, zero fees, and quick account setup, GSave does not require a minimum deposit and maintaining balance, unlike most traditional banks.
By partnering with GCash, CIMB Bank has also powered GCredit that has already provided P29 billion worth of credit line to qualified users even if they do not have a formal income document.