Cash Agad turns local stores into financial lifelines

 

Micro, Small, and Medium Enterprises (MSMEs) play an important role in the Philippine economy, and their impact continues to grow. Beyond providing essential goods, many MSMEs now serve as vital banking access points for rural communities, especially in remote areas.

 

Through Cash Agad, a service offered by BDO Unibank Inc. (BDO), MSMEs such as mini grocery stores, water refilling stations, hardware stores, and pharmacies have evolved into convenient and secure locations for banking transactions. Customers can withdraw cash, check their savings account balances, pay bills, and make deposits using these establishments’ point-of-sale (POS) terminals.

 

Breaking the 'Alkansya Mentality'

Cash Agad empowers both customers and MSMEs within the community. Jaime M. Nasol, Senior Vice President and Head of Agency Banking at BDO, explains how Cash Agad exemplifies the Bank's commitment to reaching more Filipinos nationwide, especially in underserved areas.

 

When BDO launched Cash Agad in 2017, around 70% of Filipinos lacked formal banking relationships. Many hesitated to open accounts because visiting a bank was a long and expensive journey.

 

 

"Imagine living in a remote community two hours away from the nearest bank. What happens? Your hard-earned money ends up saved in a coin bank. This is the 'alkansya mentality,’ and it kept many Filipinos from opening bank accounts," Jaime M. Nasol, BDO Senior Vice President and Head of Agency Banking, shared.

 

 

To address this challenge, BDO partnered with local businesses, enabling MSMEs to act as Cash Agad partner-agents and provide essential banking services to their communities. Customers can conduct financial transactions at their neighborhood sari-sari store without spending hours traveling to the nearest bank.

 

"There are areas where people live two hours away from a bank, and the fare can be costly. Instead of spending P100 on transportation, they can visit a local sari-sari store and pay a small P30 convenience fee to withdraw money, saving both time and money," he noted.

 

Empowering MSMEs, strengthening economic growth 

 

For MSMEs, serving as Cash Agad partner-agents opens up an additional income stream while increasing customer traffic to their businesses. The communities also benefit from the increased cash circulation, as residents no longer need to leave their barangay for financial transactions. 

Extra money source. Cash Agad provides MSMEs like sari-sari stores with additional revenue streams.

 

“These partner-agents act as the bank's representatives in their communities, inspiring residents to save for their future. They are, in essence, ‘the BDO’ in their barangay,” Nasol added. 

 

BDO sees these establishments as key partners, forming an interconnected network that drives financial growth in rural areas. Through Cash Agad partner-agents, individuals can open savings accounts and access basic banking services, ensuring economic opportunities reach even remote communities.

 

You too can become a Cash Agad partner-agent. With BDO, you not only boost your business, you also provide convenience and the security of bank services to your community. To learn more, visit your nearest BDO branch or www.bdo.com.ph.