The Land Bank of the Philippines (LANDBANK) now has a total of 896 agent banking partners (ABPs) nationwide as of Jan 31, 2022, tapped to deliver banking services to unbanked and underserved communities nationwide.
These accredited ABPs are operating in behalf of LANDBANK in Metro Manila and 81 provinces, which include remote areas in Apayao, Catanduanes, Cagayan, Ifugao, Siquijor, Tawi-Tawi, and Dinagat Islands, among others.
The ABPs can offer services which include cash out, cash in, fund transfer, bills payment, and opening and issuance of LANDBANK Agent Banking Cards.
In January 2022 alone, a total of 469,056 transactions amounting to P2.24 billion have been facilitated by LANDBANK ABPs.
“The expansion of our Agent Banking Program is reflective of LANDBANK’s steadfast commitment to advance financial inclusion in the country. Our partnerships translate to improved access to financial services and lower transaction costs for the benefit of our customers in unbanked and underserved communities,” LANDBANK President and CEO Cecilia C. Borromeo said.
Under the Agent Banking Program, LANDBANK initiates partnerships with client cooperatives, associations, rural banks, local government units (LGUs), and micro, small and medium enterprises (MSMEs), and private entities to help provide basic banking services to areas with limited or no LANDBANK presence.
The LANDBANK Agent Banking Program is in accordance with the Bangko Sentral ng Pilipinas (BSP) Circular No. 940 series of 2017, which allows the contracting of cash agents to perform selected banking services on the Bank’s behalf, to exponentially expand reach and service more clients.
LANDBANK also continues to co-locate with the Philippine Statistics Authority (PSA) in registration centers nationwide to provide unbanked Philippine Identification System (PhilSys) registrants with transaction accounts, free-of-charge. A total of 7.5 million registrants have been onboarded as of 16 February 2022.