BanKo expands banking services in Visayas region

Philippines’ first mobile-based savings bank takes two partners in expansion move.

BanKO has tied up with Visayan Electric Company (Veco) and Prime Asia Pawn and Jewelry Shop, Inc. for its expansions in Cebu City in the Visayas, the major city in the region. It expects to tap Veco’s 330,000 subscribers in its franchise area and clients of Prime Asia’s 100 outlets across the Visayas and Mindanao.

BanKO is a full service savings bank established in July 2009 by the Bank of the Philippine Islands, Globe Telecom and Ayala Corporation.

The partnership with Prime Asia will give BanKo a presence in far flung areas not usually serviced by major commercial banks. BanKo said 95% of Filipinos don’t have bank accounts and only 26% of adults have bank accounts.

BanKO currently has 222,000 account holders. The majority, however are in Luzon. BanKo has some 2,000 partner outlets nationwide.