Sad stats — according to the BSP’s Q3 2021 study, 69% of the entire population of the Philippines do not have bank accounts. That is a staggering 53 million Filipinos!
While it is true that the pandemic has forced a great majority of Filipinos to resort to digital payment transactions through e-wallets, the documentation requirements of formal banking have discouraged many from opening bank accounts that could allow them to save extra funds they have instead of leaving these as cash at home that does not grow.
This is what spurred GCash and BPI to team up and address the gap in order to reached the unbanked, especially the working millennials, to allow them to build up their savings so they can have greater financial security and freedom in life. This is possible through a GCash in-app feature — BPI #MySaveUp.
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