The Bank of the Philippine Islands (BPI), through its microfinance arm BanKo, introduced new products and services as part of its digitalization efforts.

“Digital banking has become a necessity now. This is the reason BanKo continues to innovate the way we deliver our products and services to benefit self-employed micro-entrepreneurs (SEMEs) and underserved individuals,” Rod Mabiasen, SVP of BanKo.

BanKo Mobile app allows clients to do their banking transactions — including opening an account; applying, monitoring and paying loans; buying load; paying bills; and sending money, digitally. The BanKo app also houses products and services such as TODO Savings, a high-interest earning digital savings account; and NegosyoKo Lite for business loans as low as P10,000 with simple requirements.

BPI launches digital platform for small businesses
BPI to offer new loan products for SMEs

With its digital onboarding, clients can now quickly open a TODO Savings account online with one valid ID. There are also no deposit and maintaining balance requirements, and no dormancy fees. TODO also comes with a 4% interest rate per annum to maximize savings.

Loans

NegosyoKo Lite enables clients to apply for a loan for as low as P10,000. By lowering the loan amount, BanKo aims to serve more small and medium enterprises. Clients just need to present one valid ID, a photo of their store, and a business permit to apply.

“With our increasing digital capabilities, we are able to make everyday banking easier and more accessible to SEMEs and the masang Pilipino. We aim to uplift the lives of more Filipinos and, ultimately, share in the mission of building a better Philippines,” Mabiasen said.

In 2021, BanKo granted P9 billion in loans to micro-entrepreneurs, demonstrating the bank’s commitment to helping small business owners as they recover from the adverse effects of the pandemic.