BPI Globe BanKO - Mobile Banking Made Easy

Today I opened an account with BPI-Globe BanKO.  Let me share to you how easy it is to open a savings account.   Before anything else, let me introduce you what BanKO is all about.

According to their website,

BPI Globe BanKO Inc. (BanKO) is the first mobile-based, microfinance-focused savings bank in the Philippines. Established in July 2009 by BPI, Globe and Ayala Corporation, it aims to provide the low-income segment with secure and convenient access to affordable financial services by leveraging on its combined assets and infrastructure in banking and telecommunications.

BanKO is pioneering the delivery of financial services through a network of partner outlets equipped with information and communication technologies of BPI and Globe. This ‘branchless’ banking method of service delivery enables BanKO partner outlets to perform cash-in/cash-out transactions and conduct customer identification (KYC) for savings and loan applications. With the support of six (6) regional branches and field coordinators deployed nationwide, this approach to channel development will be critical to bringing financial services to remote locations and ensure permeating reach and accessibility across the country.   -  http://www.banko.com.ph/pages/view/about-us

Banko offers services like micro-savings account or deposits, micro-financing loans and insurance which you can  buy using your mobile phone.  There is no maintaining balance for cash deposits and you have the option of availing interest of 1% per annum as well as insurance coverage.

Opening an account is relatively easy.  You can save for as low as P100 with a minimum of P50 cash in.  They will be issuing you an ATM worth P50 and it can be used in all ATM's nationwide.  First you have to find an outlet where you will be opening your savings account.  Partner outlets are rapidly increasing nationwide and become more accessible to the public.  I've decided to open an account because I find the partner outlet convenient compared to other banks.  The said outlet is near to where I work.

I simply prepared one(1) valid ID, 1x1 picture and filled up their application form. Globe or TM Sim is prerequisite during registration so be sure you have one when you apply.  If you don't have GLobe or TM SIM, they can provide you with a new one and pay for it for as low as P40.   Your Globe and TM mobile number will serve as your account number when you register.

Banko is a mobile-based banking facility where most of the financial transactions are done using your mobile phone.   You can fund your account by visiting BanKO's partner outlets.  Once you made deposit, you will be receiving a SMS confirmation notifying you that your account has been successfully credited.

BanKOLink: online banking facility

BanKo has also online facility where clients may check or access their accounts online using their mobile number.  For the first time users, you will need to generate system-generated password using your mobile phone by accessing its menu.  You will then receive a SMS confirmation with your password and will be having an option to change it when logged-in to its online facility.


I will be posting more of the updates soon as I continue using this newly-introduced banking facility.  I find it easy opening accounts with BanKO compared to other institutional banks.  A must try for those who want to open or start their bank account and jumpstart their savings.