Mobile money tapped as tool for fin’l inclusionInternational aid organization Oxfam, Smart Communications and PayMaya Philippines, collaborated with the Tacloban City local government for a financial inclusion program to enable communities via mobile money and financial literacy training. 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 can deposit any amount, R1 and above, via Smart Padala Centers in Tacloban. Once they load their money, they will receive real-time notifications, such as available balance, via SMS. 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. They can choose between a Smart Retailer package, consisting of a Smart retailer SIM and credits for starting a mobile load business, or a sari-sari store starter set with Unilever products they can resell as another source of income.

Source: Manila Bulletin September 16, 2016 14:14 UTC