We are just a few weeks away from April 26, 2023, the deadline for registering your SIM card. If you haven’t registered, please do so immediately. Not only would you be compliant with the law but registering your SIM number is also a financially responsible decision. Let me share with you several ways how.
Firstly, replacing a SIM card that has been in use for a long time can be costly and inconvenient. Your SIM card number is often tied to your identity and is used to access your online banking and social media accounts conveniently and securely. Losing access to this sim number can result in a loss of access to these services and the resulting hassle of the need to update your information with various providers. This can be a time-consuming process.
Secondly, SIM card numbers are now being used more frequently for online financial transactions and as social media passwords. This means that having a registered SIM card can help protect your financial and personal information from fraud and identity theft. By registering your SIM card, you affirm that you are the legitimate owner of the SIM number that has access to these important security features.
Finally, telco data is now being used for credit scoring. This means that your mobile phone usage and payment history can impact your credit score and your ability to obtain loans and other financial services. By registering your SIM card, you ensure that your SIM number is preserved, and your telco data is accurately associated with you, which could lead to an improved credit score.
Registering your SIM card is both a legal requirement and a financially sound decision. Prudently maintaining and using your SIM number can positively impact your credit score, save you time and money in the long run, and help protect your personal and financial information. It's a small step that can have big financial benefits.
*** James Patrick Bonus is the Deputy Country Manager & Chief Finance Officer of FinScore, a fintech firm providing alternative data-based consumer credit scoring and identity verification solutions for financial institutions. Japs is also a regular subject matter resource speaker for the Bankers Institute of the Philippines and other organizations through Acepoint.ph Training Consultancy Services.