TrueMoney, a new financial technology player, seeks to have one TrueMoney center in each of the country’s more than 42,000 barangays to serve those who need a remittance network but have no bank accounts.
At this point, TrueMoney has over 5,000 centers in the Philippines.
“TrueMoney’s mission is to provide access to financial services, particularly to the unserved and the unbanked,” said Albert Antig, Head of Corporate Sales of TrueMoney Philippines.
“Unbanked” refers to individuals who do not have their own bank accounts and need to rely on alternative financial services for their financial needs, particularly sending and receiving remittances. TrueMoney helps these individuals under BangkoSentralngPilipinas regulations.
To meet that goal, TrueMoney teams up with cooperatives and groups in different regions. Its latest partnership is with Cebu People’s Multi-Purpose Cooperative (CPMPC), a community-based savings and credit cooperative with over 55,000 members to-date.
CPMPC is an organization of individuals who are in the business of developing and realizing entrepreneurial aspirations of the group’s members and staff.
With its partnership with CPMPC, TrueMoney will strengthen its presence in Cebu and key focus areas of Visayas and Mindanao.
TrueMoney’s partnership with CPMPC will transform the cooperatives’ entrepreneurs to owners of TrueMoney Financial Centers to allow remittance, bills payment and telco and gaming load top-up.
“This partnership will help generate more business for TrueMoney. It will also help CPMPC remain true to its vision of bringing sustainable growth and development to the community,” said Antig.
Through the TrueMoney-CPMPC partnership, TrueMoney Centers will accept payments to CPMPC. On the other hand, CPMPC will pay out loans to its members through TrueMoney’s disbursement facility and ATM cards.
TrueMoney PayOut provides quick and easy access to businesses of any size, at a very low cost, without requiring maintaining balances.
Financial technology is indeed changing how the world handles money. FinTech helps expand and attract other markets, tapping into other segments that banks would otherwise have difficulty accessing.
For example, PayOut is an online payroll solution for small businesses and cooperatives like CPMPC. It reduces the risk of physical cash-handling by having salaries and other funds disbursed directly to recipient ATMs instead of money changing hands many times.
You can sign up for free with just one valid government ID on www.truemoney.com.ph/payout.