The Philippine Statistics Authority (PSA) has partnered with GoTyme Bank to offer free bank account openings for unbanked Filipinos who registered for the National ID system through mobile registration activities.
“Filipinos who have just successfully registered to the National ID system in mobile registration activities can open bank accounts for free with GoTyme Bank,” the PSA said in a statement.
Aiming to enhance financial inclusion, the partnership was officially sealed with the signing of a Memorandum of Agreement (MOA) at the PSA Headquarters in Quezon City on Sept 10.
“The PSA’s colocation strategy was not only designed to boost National ID registration but also to extend our reach in facilitating financial inclusion, especially to our underserved kababayans,” National Statistician and PSA Undersecretary Claire Dennis S. Mapa said.
“Our goal with this initiative is to deliver services that make a meaningful and positive impact on communities nationwide. We anticipate that the success of this strategy will create a strong foundation for sustainable and equitable national development, leading to an improved quality of life for all,” Mapa added.
According to the PSA, the partnership with GoTyme Bank is part of its financial inclusion efforts, following a 2021 collaboration with Land Bank that helped onboard 8.3 million registered individuals, including 5.8 million who opened accounts.
By the end of 2022, Landbank processed 108,703 transactions worth P 275.8 million using prepaid cards issued to National ID registrants, the PSA added.
Further, the PSA has also partnered with Dungganon Bank Incorporated, a microfinance rural bank in Bacolod City, Negros Occidental, allowing individuals who register for the National ID to open bank accounts for free as part of its efforts to further promote financial inclusion.
GoTyme Bank is a joint venture between Tyme, a global digital banking group, and members of the Gokongwei Group, including Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc.
The bank stated that its goal is to empower Filipinos financially by providing secure and convenient digital banking services.
Mobile registration activities include PhilSys on Wheels, PhilSys on Boat, and house-to-house registration.