RBAP-MABS and SMART Communications Complete the First Rural Bankers Smart Money Accreditation Workshop in Mindanao

Regional RBAP-SMART Money Accreditation Training Workshop participants

The United States Agency for International Development Agency-supported Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services (RBAP-MABS) Program and SMART Communications, Inc. (Smart) held the first Regional RBAP-SMART Money Accreditation Training Workshop last October 05 at Naomi’s Botanical Garden and Tourist Inn, Ozamiz City.

Karlo Pereyra of SMART CommunicationsThe twenty-eight (28) rural bank participants had a first-hand experience in understanding how they could assist their clients to receive and activate their SMART Money Instant Cards and perform Money-In Money-Out (MIMO) transactions. The course also briefed the participants on the basics of SMART Money, the responsibilities of being a partner SMART Money Center and the proper handling of MIMO transactions, pre-funding of SMART Money wallets, consolidation, settlement and reconciliation of encashment, appropriate security and internal control measures that banks should have in place, accounting entries, as well as proper tracking and monitoring SMART Money transactions.  All the training materials included step-by-step procedures with a detailed checklist of requirements and templates to assist rural banks to quickly become accredited to offer Smart Money services.  SMART’s Communications Karlo Pereyra, Product Manager for rural banks and Chris Chua, Account Manager for Visayas and Mindanao led the pool of trainors including three colleagues from SEED Finance.

Among the rural bank participants were representatives from 1st Valley Bank, Inc., Banco Dipolog, Inc., Rural Bank of Oroquieta, Inc., Cantilan Bank, Inc. (A Rural Bank), One Network Bank, Inc. (A Rural Bank), Katipunan Bank, Inc., Cooperative Bank of Misamis Oriental, Rural Bank of Tuleda, Rural Bank of Lopez Jaena, Inc., Rural Bank of Jimenez, Rural Bank of Pana-on, Rural Bank of Kulambugan, Salug Valley Rural Bank, Inc., Rural Bank of Tangub City and Rural Bank of Bonifacio.

ParticipantsSmart Money is the world’s first reloadable payment card linked to a mobile phone. It is an electronic wallet that allows Smart subscribers to send and receive money transfers, pay bills and load airtime. Accredited rural banks will also be able to provide their clients with a Smart Money Instant Card, which doubles as both a debit MasterCard and an ATM card. This will enable clients to withdraw from an over 9,000 BancNet and Megalink ATMs, load in over 4,000 Money-In and Money-Out Centers, 15 partner banks nationwide and 95,000 partner agents worldwide. Clients will also now be able to make purchases or payments in more than 50,000 local merchants and business and more than 24.6 million MasterCard locations worldwide.

Rural banks are definitely excited about offering their clients a mobile wallet that is linked to an international accepted MasterCard debit card. What is even more important for the banks and clients is that this can be processed in minutes with an instant Smart Money card in the client’s hands.