Ever imagine banks inside the palengke? BSP wants this to be a thing
Banks may soon go to where the people really are.
The Bangko Sentral ng Pilipinas (BSP) is eyeing to let banks to open “lite” branches in non-conventional locations in order to get more Filipinos into the habit of using formal bank accounts for deposits and payments.
BSP Deputy Governor Chuchi Fonacier said rules are being prepared for these lite branches, which would relax expectations for a bank branch to allow them to cater to lower-income markets where a lot of people remain unbanked.
“You can now tailor-fit a branch,” Fonacier said in a speech, envisioning accessible branches inside a marketplace or sitio centers.
“This is crucial for clients who are still unable to open a regular savings account because of the perceived costs involved and the difficulty in complying with documentary requirements.”
Can you imagine how this will work?