BSP Bares Rise In Cash Agents

BSP Governor Benjamin Diokno expressed optimism on the rise in digital payments solutions to put the country forward to its financial inclusion thrusts as he bared that the number of cash agents rose by 242 percent in 2020 to more than 58,000.

Photo Insert: There are currently around 58,217 active cash agents around that country that complement around 35,681 automated teller machines (ATMs) and bank branches nationwide.

Also, Diokno said banks with cash agent operations increased to 15 in 2020 from 11 in the previous year. These included seven universal and commercial banks (U/KBs), three thrift banks (TBs), and five rural banks (RBs), he said.

“As low-cost touchpoints, cash agents have significantly helped increase the number of cities and municipalities that are being served by banks. In addition, the percentage of banked local government units increased from 70 percent to 85 percent because of the presence of bank agents,” he said.

Diokno said there are currently around 58,217 active cash agents around that country that complement around 35,681 automated teller machines (ATMs) and bank branches nationwide.

He said the BSP does not regulate the transaction fees of these cash agents but banks and BSP supervised institutions are “expected to be reasonable and transparent in their pricing scheme, including their cash agent fees.”

“Banks have the responsibility to disclose these charges to their clients,” he added.

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