MANILA, Philippines – The Electronic Network Cash Tellers Inc. (Encash), the country’s first independent ATM deployer (IAD), has deployed 26 more ATMs in various parts of the country bringing its total deployment to 326.
Encash is a member of the Megalink network of banks and non-bank financial institutions.
The IAD now partners with 149 rural banks and cooperatives, most recently deployed was in Irosin, Sorsogon, through the company’s partnership with the Agricultural and Rural Development for Catanduanes Inc. (ARDCI), and with the Rural Bank of Benito Soliven in Isabela.
Encash also launched its own is ATM Savings system. It installed the system in Gata Daku Multi-Purpose Cooperative in Clarin, Misamis Occidental.
Just like the Caritas Diocese of Libmanan – another Encash IAD and ATM Savings partner, Gata Daku MPC now issues its own ATM Savings cards. This means that unbanked members of the community can now have their own ATM cards; access their finances via the Encash ATMs and Gata Daku MPC ATM Card through other banks under the MegaLink, Expressnet and BancNet consortia. Likewise, card holders enjoy a lower cost to receive the remittances sent by their overseas relatives.
The private ATM deployer has so far benefited from the government’s conditional cash transfer (CCT) program. When the government through the Department of Social Welfare and Development (DSWD) implemented the Pantawid Pamilyang Pilipino Program (4Ps) or the poverty alleviation program, the P1,400 (around $33) monthly allowance per family provided much needed relief for them.
With its ATMs located in unbanked and underbanked areas, the Encash ATMs have become the source of funds for recipients of the government’s poverty alleviation program.
Currently there are 62,000 identified 4Ps beneficiaries from 26 towns in Zamboanga del Sur who are not served by government and commercial banks.
Encash mission is to deploy ATMs in the rural areas to ensure financial inclusion for those Filipinos who remain underserved by commercial and government banks. The company takes pride in partnering with cooperatives and rural banks found in out-of-the-way areas where it can provide service to rural-based communities. It does not discriminate when it comes to its services, finding fulfillment in ensuring that Filipinos of different religious and political persuasions are given equal opportunity to have easy access to their financial resources.