A FINANCIAL-inclusion program, spearheaded by an international aid organization and the country’s largest telco player, was launched in Tacloban over the weekend to make communities more resilient through mobile-money and financial-literacy training.
Launched by Smart Communications Inc., PayMaya Philippines Inc. and Oxfam, the Financial Inclusion for Tacloban Resettlement Integrated Program aims to build a culture of entrepreneurship and savings among an estimated 16,000 beneficiaries who are strengthening their communities.
Three years ago, Tacloban City was among the worst-hit communities by Supertyphoon Yolanda (international code name Haiyan), one of the strongest tropical cyclones ever recorded.
Under the project, qualified beneficiaries will receive Smart Money prepaid cards—a mobile money product of PayMaya Philippines—that can be linked to their mobile phones, where they are encouraged to place any amount through any Smart Padala Center in Tacloban.
As they load their money, they will receive real-time notifications such as available balance via text.
“We believe that equitable access to financial services is crucial for them to rebuild their lives and livelihoods,” said Justin Morgan, country director of Oxfam.
Included in the program is a rewards and incentives system, where participants who maintain a required average weekly balance in their Smart Money for at least a month will be rewarded with entrepreneurship-package options, as well as personal-accident insurance.
For their rewards, beneficiaries can opt to have a Smart Retailer package consisting of a Smart retailer SIM and credits that they can use to start a mobile-load business. Another choice is a sari-sari store starter set with Unilever products that they can resell as another source of income.
“PayMaya Philippines is committed to creating a long-lasting impact on the development of communities through our financially inclusive innovations, including Smart Money, which provides SIM-based mobile-money services,” said Benjie Fernandez, COO of PayMaya Philippines.
To ensure a more solid infrastructure for the financial inclusion program, Smart is providing financial-literacy trainings through community-based caravans.
Smart is also providing the local government with Infocast, a text-messaging system, so stakeholders can disseminate much-needed information related to the finance-literacy program.
“Under our Smart Communities program, we are happy to provide the much-needed financial-literacy capability support to the thousands of beneficiaries of this program,” Smart Spokesman Ramon Isberto said.
The financial inclusion program will benefit 16,000 internally displaced persons (IDP) and families whose members are eligible beneficiaries in 45 coastal barangays in Tacloban City.
For families composed of six or more members, the family is entitled to two beneficiaries who are 18 and above and belong to a vulnerable group—senior citizens, persons with disabilities, Conditional Cash-Transfer beneficiaries, single parents, child-headed families and pregnant or nursing mothers.