Stock News 2011: GM Bank expands mobile banking scope

GM Bank is the largest rural bank in Nueva Ecija (Philippines) with its head office in Cabanatuan City, more than three hours by land north of Manila. It has been in partnership with Globe’s G-Xchange Inc. (GXI) and the Rural Bankers Association of the Philippines-Microentrepreneurs Access to Banking Services (RBAP-MABS) program and for its mobile phone banking initiative since 2006.

It is also one of the banks participating in the new Channel Management Initiative supported by USAID/Philippines and MICRA Philippines, which is supported by Mercy Corps through a grant from Bill and Melinda Gates Foundation.

The initiative focuses on developing partnerships between local merchant-partners who are accredited GXI cash-in and cash-out outlets (CICOs).

Rural banks provide liquidity services to the CICOs as well as send customers to their shops. The CICOs provide cash-in and cash-out services for the rural banks and help them in promoting mobile phone banking services.

http://www.philstar.com/Article.aspx?articleId=661764&publicationSubCategoryId=74

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