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July 14, 2024

RCBC, CDA to digitalize cooperatives

Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo inked a collaboration with the Cooperative Development Authority (CDA) to digitalize cooperatives nationwide through a memorandum of understanding as the world celebrated the International Cooperative Day.

“Cooperatives play a key role in poverty reduction and economic development. These small to medium-scale organizations help community members to access financial capital for businesses,” the bankero said.

The partnership dubbed ‘Madiskarteng Pilipino, Madiskarteng Kilusang Kooperatibismo’ aims to support cooperative members through digital financial inclusion and educate them on personal finance management, savings, insurance, payments, investments, and the use of digital finance apps and platforms like DiskarTech and ATM Go.

This is part of RCBC’s overarching goal of making finance inclusive and accessible to all Filipinos especially the unbanked and underserved segment.

“This agreement will help cooperative members have easier access to financial institutions like banks and improve their capacity for finance management through the use of digital finance applications. This is a testament to RCBC’s more than 60 years of commitment to delivering financial services that benefit not only our clients but ultimately, the society-at-large,” Acevedo said.

CDA Chairman and Undersecretary Joseph Encabo signed the memorandum of understanding.

The partnership is an addition to the roster of RCBC and DiskarTech’s partnerships with key sectors with the goal of strengthening financial inclusion in the country.

DiskarTech and the Department of Education recently launched the ‘Aralin sa Madiskarteng Pananalapi’ module through DepEd Memorandum No. 053, s. 2022. All of these undertakings are geared towards supporting the Bangko Sentral ng Pilipinas National Strategy for Financial Inclusion.