Globe Telecom Inc.’s mobile money service GCash has partnered with global crowdfunding source Kiva to change the crowdfunding landscape in the Philippines, the telecommunications firm said on Monday.
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically online.
As a global nonprofit organization, Kiva will use its online platform to generate donations that are directly matched with lending opportunities.
Under the partnership, GCash will be seen as a donation service for Filipinos that can address the needs of those currently at the base of the pyramid for sustainable livelihood and income opportunities.
This will also allow Kiva to provide loans to people without access to traditional banking systems.
The microfinance institutions, which are called Field Partners, administer the loans in the field, giving people in need a safe and affordable access to fresh capital to further their lives and those of their families.
At present, Kiva has over 1.2 million users from 80 countries worldwide. These users have funded loans amounting to over $620 million to 1.4 million beneficiaries.
Lending team
With GCash as the secure platform to receive donations, Globe, through G-Xchange Inc. (GXI), launched its own lending team #TeamGlobe now available online.
#TeamGlobe will be used by Filipinos worldwide who want to donate and help fellow Filipinos in underserved communities and provide funding capital for micro and social enterprises.
Globe President and CEO Ernest Cu said this new project is the telco’s contribution and commitment to nation-building.
“We will continue to help generate opportunities and encourage our customers to join us through meaningful partnerships with organizations like Kiva,” Cu said in a statement.
“By using GCash, we will be able to bridge those who are capable of helping with those who are in dire need of assistance,” he added.
President of G-Xchange Inc. Paolo Baltao, for his part, said that this development helps GCash create a new ecosystem that would contribute to the country’s progress by empowering the less privileged with access to livelihood opportunities.
“Through GCash, Globe customers can extend their financial support to microentrepreneurs in the country just by using their mobile phones,” Baltao said.
Interested citizens may donate any amount to local beneficiaries in the areas of agriculture, food, retail and services by accessing *143#, select GCash, choose Donate to KIVA, enter amount, your GCASH PIN and e-mail address.
Donors will then receive a confirmation message via SMS and an “I’m a Kiva donor” badge.
Registration to GCash and donation to Kiva automatically include membership to the #TeamGlobe lending team. More information on the #TeamGlobe campaign can be viewed at www.globe.com.ph/kiva.
PNA