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Mobile banking project launched for low income people, women
Mobile banking project launched for low income people, women
9/9/19
The Vietnam Bank for Social Policies (VBSP) on September 6 officially launched the project “Mobile Banking – Financial Inclusion and Economic Empowerment for Low Income People and Women in Vietnam” - Phase 2 (Mobile Banking 2).
The project is funded by the Australian Foreign Affairs and Trade Department (DFAT) under the framework of the Business Partnerships Platform. It aims at enhancing and improving access to financial services for poor and low-income households, especially women-run micro-enterprises.
Mobile Banking 2 will continue for 2019-22 in 10 cities and provinces including Ninh Binh, Hoa Binh, Ha Giang, Lao Cai, Nghe An, Quang Tri, Binh Dinh, Dak Lak, Ho Chi Minh City and Can Tho.
Since the beginning of 2017, VBSP has been collaborating with the Asia Foundation (TAF) and Mastercard to implement the Mobile Banking 1 project to provide diversified and convenient digital payment services to customers, including poor people, and students in difficult circumstances, people with disabilities, ethnic minority people and overseas workers across the country, especially in rural, remote and mountainous areas.
The project also aims at implementing the plan for IT Development in VBSP to 2025 with the objective of developing the IT system towards technology renovation, product diversification, modern and safe banking services with high levels of knowledge and technology to enhance customers’ access to banking services, and enhance and modernise governance of VBSP.
Mobile Banking 1 (2017-18) produced positive results. VBSP has sent SMS messages to customers nationwide to provide information about their account balance, savings and payment due dates and information.
By the end of 2018, VBSP had sent SMS messages on a regular basis to 5.1 million customers across 63 cities and provinces, who have registered their mobile phone numbers with the bank. The successful implementation of regular SMS services for customers is highly significant in enhancing the transparency and efficiency of operations, providing timely information to customers.
Mobile Banking 2 will continue to improve SMS services to VBSP’s customers to ensure that 100 percent of customers register their mobile phone number, receive and understand the content of SMS and can provide feedback to the bank. Phase 2 will focus on supporting VBSP to develop the digital financial platform with the development of technology solutions for mobile banking services.
The project will help VBSP mainstream gender issues in the planning and implementation of their programmes, thus contributing to empowering women, who account for 60 percent of the bank’s customers./.
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All comments [ 6 ]
The State Bank of Vietnam (SBV) will launch more effective credit programmes to support agricultural production and improve local livelihoods, making contributions to boosting economic growth while wiping out black credit in rural areas.
We can see agriculture and rural areas as top priority in its credit programme. It has directed credit institutions to improve procedures for loan access and paid due attention to branching out mobile banking model in remote areas, creating favourable conditions for local people to have better access to capital and other banking services
The Vietnam Bank for Agriculture and Rural Development (Agribank) conducted over 3,600 mobile transactions using single-purpose cards.
Credit services are available even in mountainous and remote areas thanks to the mobile banking models of the Agribank and transaction offices of the Vietnam Bank for Social Policies.
In past years, the credit programmes have provided farmers with capital to branch out their business, thus promoting growth of the agro-forestry-fishery sector.
This is a social welfare that enhances people's rights of developing livelihoods.
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