In a program funded by JPMorgan Chase Foundation, Grameen Foundation aims to extend financial inclusion to low-income, remote rural areas in the Philippines. With more than 500,000 sari-sari stores across the country, Grameen’s CAN program provides opportunity to sari-sari store operators to be the “last-mile” agents that transact financial services for their community members, including sending payments for services, transferring money to loved ones, depositing money into a digital account, and more – all through digital technology and mobile phones.
660 sari-sari stores and retail shops targeted to be on-board by 2018
66,000 number of target client reach at end of program
The CAN program is a collaboration among Grameen, FundKo and Payswitch Fintech Ventures. Grameen partnererd with Payswitch as a technical solutions provider to establish a payments ecosystem for rural and urban deployment. Using the Panalo platform developed by Payswitch, CAN agents are able to deliver digital financial services to communities and ultimately forward financial inclusion initiatives to the grassroots level.
As a crowdlending platform, FundKo connects the community agents in need of financing for their e-payment business with our network of lenders and investors. To minimize the risk for our lenders, we transact with Payswitch as the direct borrower of our investors’ loans. Payswitch is responsible for the payment to FundKo and collections from the community agents.
Grameen brings together these partnerships and spearheads the entire project. It is in charge of screening and determining which stores qualify to become community agents by using a mobile survey tool backed by an algorithmic formula that quickly eliminates stores that would not fit as agents. Grameen then designs the implementation with long-term sustainability in mind and supports end-client adoption of digital finance products.
By funding loans of sari-sari store owners through the CAN program, you provide them with an opportunity to uplift their lives by transforming them to become digital financial service agents for their community members.
The standard CAN program loan amount is P10,000 but can be lower depending on the financial requirement of the community agent. Tenor is for six (6) months with a return of 1% per month. The funding that you will provide will be remitted directly to Payswitch which will be used to obtain the standard e-payment business package that include the payment device, set-up costs, initial marketing materials and starting money wallet.
Help the ‘nanays’ and their families improve their lives by providing additional source of income for them.
Contribute to financial inclusion of remote areas by helping in establishing digital payment services.
Receive as high as 1% per month for loans with issued PDCs by Payswitch.
“Maraming salamat sa pagbabahagi sa amin ng inyong kaalaman para mabuksan ang aming isipan tungkol sa financial education at pagnenegosyo.”
- Grecia Samuray
“Maraming salamat po sa opportunity at tiwala na ibinigay nyo sa amin. Malaking bagay po ito sa amin para makatulong sa aming pamilya.”
- Gina Candido
“Maraming salamat sa Panalo! Malaking tulong ito sa katulad namin na naghahangad magkaroon pa ng dagdag na income. Panalo kami sa Panalo!”
- Ma Digna Nagas
Malaking tulong po ito para sa amino pamilya, isang malaking oportunidad para sa amin. Maraming salamat!
- Marlon Autor