Financial inclusion goals set via Ignite
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Tue, 26 Mar 2019 16:19:54 +0000
Fintech Alliance.ph, a collaboration of digital finance players, has launched social transformation initiative named after the late Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. in a bid to expand financial inclusion.
The Governor Nestor A. Espenilla Jr. Institute for Growth Towards National Inclusion, Transformation and Empowerment (Ignite) was launched during the Fintech Alliance Summit 2019 held at the central bank complex in Manila on Tuesday.
Fintech Alliance.ph Chairman Lito Villanueva said the initiative would leverage technology to empower the FADS or financial access-deficient segment of the population.
“Designed to promote inclusive businesses, Ignite welcomes low income segments of the population into the formal economy through disruptive digital financial innovations,” he said.
Ignite will be chaired by Espenilla’s widow Tess, while Villanueva will act as its president.
The members of its board of trustees were identified as CARD MRI, Philippines founder and Managing Director Aris Alip, Finance Undersecretary Gil Beltran, Budget Undersecretary Lilia Guillermo, Asian Development Bank Senior Financial Sector Specialist Kelly Hattel, Sun Life Chairperson Riza Mantaring, Trade Secretary Ramon Lopez, Microsoft National Technology Officer Richard Bon Moya, Coop-Nattco
President Sylvia Paraguya, Producers Bank Chairperson Gilda Pico, and International Finance Corp. Senior Financial Sector Specialist Gay Santos.
“On behalf of our family, I would like to extend our sincere and heartfelt thanks to the Fintech Alliance by honoring my husband Nesting,” Mrs. Espenilla said in a speech.
She pointed out that Ignite was about harnessing the potential of digital platforms, guided by the ambition of the late BSP governor, who succumbed to cancer last month.
“It means putting in all ingredients to create a successful digital economy,” Mrs. Espenilla added.
Among Ignite’s goals are the realization of the following by 2022:
• empowering 25 million adult Filipinos with basic deposit accounts;
• engage more digital players to reduce the number of unbanked local government units to 25 percent from the current 35 percent; and
• enable more than 25 percent of total grassroots-based financial institutions such cooperatives and rural banks to deploy interoperable digital products and services.
“I am sure that Nesting would be very pleased to know that even when he is no longer with us, his efforts in promoting financial inclusion will continue and grow not only through financial inclusion initiatives built into the works of the Bangko Sentral ng Pilipinas but also through this initiative,” Mrs. Espenilla said.
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