IN order to further foster financial inclusion in the Philippines, the Bangko Sentral ng Pilipinas (BSP) is pushing for the institutionalization of its regulation governing banks' cash agents. "The BSP supports the objective of Senate Bill (SB) No. According to Suficiencia, the proposed SB 1643 institutionalizes the BSP Circular 940, which requires banks to obtain prior regulatory approval before engaging third-party firms as their cash agents. Cash agents can also execute know-your-customer processes, as well as collect and forward loan and account application materials, according to the BSP official. Meanwhile, there are 17,000 cash agents serving 79 percent of municipalities across the country.

Source: Manila Times July 22, 2021 17:15 UTC