In support to the government’s mandate to make public service more convenient and accessible to Filipinos, the National Home Mortgage Finance Corp. (NHFMC) expanded its partnership with PayMaya to allow its male and female borrowers to conveniently pay their housing loans anytime, anywhere.
With the renewed partnership, NHMFC borrowers can soon pay for their housing loans at the NHMFC website using any Visa, Mastercard, or JCB credit, debit, and prepaid card as well as via their mobile numbers linked to their PayMaya account.
In 2015, PayMaya, through Smart Money, was tapped by NHMFC to allow its borrowers to pay for their housing loans through their mobile phones.
“Through the new online payment facility on the NHMFC site, our borrowers no longer have to leave the convenience of their homes to travel and pay for their monthly amortization. They can pay their housing loans even on weekends and holidays, wherever they are by just going to our website,” said Felixberto U. Bustos Jr., president, NHMFC.
Moreover, for the secondary mortgage institution, Bustos said “it will enhance its payment collection and will allow both NHMFC and the borrower to have the payment posted almost real-time.”
“This renewed collaboration allows NHMFC to bring a more efficient and convenient public service to their borrowers,” said Mar Lazaro, head of Enterprise, PayMaya. “Making public service accessible to all Filipinos is in line with our thrust at PayMaya to push for financial inclusion through our digital financial services.”
PayMaya has been ramping up its collaboration with various government agencies to enable them inclusive and integrated digital payments solutions, aligned with the goal of making public service more convenient, accessible, and fast for the people.
As of 2012, the Housing Industry Roadmap of the Philippines: 2012-2030 report of the Subdivision & Housing Developers Association, Inc. showed 3.9 million in housing backlogs or 832,000 families who cannot afford to purchase a house. To address this, the Housing and Urban Development Coordinating Council and other shelter agencies have been working together to implement a comprehensive housing roadmap.
PayMaya is a digital financial services company with an integrated suite of solutions for consumers and merchants complemented by the widest remittance partner agent network. It is the financial technology arm of Voyager Innovations, a technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund. Its “one-payment platform” enables the country’s eCommerce sites, retail and quick-service restaurants, government institutions, as well as MSMEs, allowing them to accept multiple kinds of cashless payments.