BPI Globe BanKO - San Juan, Philippines

BanKO, the Philippines' first mobile phone-based, microfinance-focused savings bank, was established in 2009 as a joint venture between Bank of the Philippines Islands (BPI), Globe Telecom, and Ayala Corporation. Its mission is to promote financial inclusion and to provide formal financial services to those who are “unbanked” in the country. BanKO has partnered with existing establishments in the community to provide customer identification for account opening applications and cash in and cash out transactions, even in remote locations. Furthermore, BanKO offers loans to microfinance institutions, such as rural banks, NGOs, and cooperatives. Over the past two years, BanKO has extended over two billion pesos in loans to its partner MFIs, enabling over 400,000 micro-entrepreneurs in the Philippines to access financial services.