Bank Accounts and Debit Cards for Real LIFE Scholars
Bank accounts and debit cards for Real LIFE scholars
We have recently upgraded our crediting system for our scholars’ allowance. We opened bank accounts for them and have provided them their personal ATM cards so they can receive funds efficiently. Our priority was to select a bank that will allow our scholars to transact from each city or province they belong to.
This presents multiple benefits:
Fund transfers to their accounts are now credited real time.
They can now do banking and other transactions online.
They can continue using their accounts and debit cards even after they graduate from our program.
In addition, we believe this move supports our country’s efforts to expand financial inclusion.
Did you know?
The 2019 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas revealed that 71% of the Filipino adult population remain unbanked.
Local and international studies have shown that access to financial services can enable the poorest to step out of poverty. It will give them tools to manage and save their money as well as empower them to make better financial decisions.
We encourage our scholars to save money for their dreams and plans, as well as for the rainy days ahead. One of the ways to be stormproof is by being financially ready for crises and exercise prudence. These bank accounts can help our scholars start saving.
