MANILA (Mindanao Examiner / July 1, 2013) – At least $220 billion or 44% of the $500 billion global remittances transferred annually are sent to beneficiaries living in rural areas, many of them having limited access to financial services and two-thirds of remittance outlets in Asia are located in urban areas, leaving rural claimants to endure long distances to collect remittances, according to a recent report by the International Fund for Agricultural Development and the World Bank.
Among overseas Filipino workers, there are at least 150,000 of them sending remittances to families and other beneficiaries in remote areas in Mindanao, oftentimes leaving the recipients with few claiming options. A common scenario is for the beneficiary to travel at least 20 kilometers via public transport, which adds transportation expenses to the already high cost of transferring money. This further reduces the remitted amount the recipient can actually use, save or invest. Other beneficiaries opt to resort to informal, ‘door to door’ transfers, which are often unreliable, unregulated and risky.
International money transfer brand Xpress Money has recently partnered with Enterprise Bank, Inc. (EBI), a thrift bank based in Lianga, Surigao del Sur, to provide its cash-to-cash and account credit money transfer services to more OFW beneficiaries in the region with its network of branches in Mindanao, as well as in the Visayas region.
Enterprise Bank has established itself to become a compelling financial provider that has made a difference and improved the lives of thousands of households in Mindanao. EBI is constantly expanding its operations and services to maintain flexibility and to keep at pace with the demands of a dynamic business market.
At present, EBI offers a wide range of products and services to its clients which include Deposit and ATM Products, Loan Products, Bills Payment Service and Remittance Services (cash pick up and credit to account).
“Xpress Money has over 170,000 agent locations worldwide and this has made it easier for OFWs to send their money back home to the Philippines, however it is not as easy for their families to pick up the remittances, especially those living in remote locations. This new partnership with Enterprise Bank will give more Filipinos access to our fast and safe money transfer services,” Xpress Money Philippines Country Manager Ed Cobangbang said in a statement sent to the regional newspaper Mindanao Examiner.
He said Xpress Money has over 10,500 agent locations in the country, and this number increases with the addition of Enterprise Bank’s 35 branches located in the provinces of Surigao del Sur, Cagayan de Oro, Davao Province, General Santos, South Cotabato, Agusan del Sur, Compostela Valley, Davao Oriental, Sultan Kudarat and Misamis Occidental.
“We have always been committed to helping the OFW community and providing accessibility for our customers has always been a priority for us,” said Cobangbang. “Xpress Money ensures that the customers’ needs are met, thus we are always on the lookout for opportunities to expand our network. With this new partnership, we believe this will greatly benefit our OFW customers and their families by making transactions more convenient, accessible and affordable.”
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