Fexco Targets to Help Rural Banks and MSMEs

Irish based financial services technology Fexco aims to help rural banks and Micro-Small and Medium Enterprises (MSMEs) to generate income and develop their businesses.

Fexco Philippines launched its first-ever withdrawal solution called EasyDebit in December 2017 allowing customers to withdraw cash using their ATM card at any number of locally accredited merchants instead of having to travel to far places to transact via ATM Machines.

“I’m paying my goods and groceries using my debit or credit card and whenever I travel I only carry less money because I have my card with me and whenever I go on a holiday here in the Philippines what I’ve noticed was I have to physically change my wallet so that inspired me to actually look at how the technology can be brought here in the Philippines,” said Ann Chan-Foley, co-founder and Chairperson of Fexco Philippines.

It was known that more than 90% of all transactions are completed with the peso in hand, EasyDebit at its very basic, has become a contributor to financial inclusion in the country.

“We knew that we can do so much more to address the inherent need of so many Filipinos for our financial services,” Foley added.

Foley also explained that their service serves as a bridge between Filipinos who have little access to financial services and banking institutions.

The service is completed through hassle-free process, low investment and easy to install device that is easy to deploy among interested merchants including banks, cooperatives, remittance and payment centers, pawnshops and even sari-sari stores.

Fexco Philippines aims to gain better momentum in making EasyDebit locations more pervasive and increased financial inclusion in the country.

Fexco Philippines also partnered with certain banks in Visayas and Mindanao such as Cantillan Bank, Rural Bank of Rizal and Islamic Bank.

“These relationships we foster with MSMEs and banks are vital in ensuring that the dream of financial inclusion comes to fruition,” Foley said.

At present, the Philippines holds more than 20,000 ATM for 82 million local ATM cardholders and the local ATM can often be a bus of ferry.

34% of municipalities in the country have no bank presence.

Foley is hopeful that EasyDebit will expand faster since they see Visayas and Mindanao as the potential places to persuade merchants to acquire their services. (MLC)