According to the 2021 Financial Inclusion Survey (FIS) conducted by the Bangko Sentral ng Pilipinas (BSP), the proportion of banked adults in the Philippines increased from 29% in 2019 to about 56% in 2021. This is the most significant two-year increase since the survey began in 2015. The BSP’s Digital Payments Transformation Roadmap aims to increase the number of Filipino adults with bank accounts to 70% by 2023 and raise the share of digital payments in total retail transactions to 50% by the same year.
Despite the increase in the banked population, financial inclusion remains a challenge in the Philippines. Many people, especially those living in remote and underserved areas, still lack access to financial services.
Connecting Communities: How Kacific is Expanding Access to Financial Services in Rural Areas
Kacific has made a significant change in rural banking in the Philippines by utilizing satellite internet technology to address the challenge of financial inclusion.
Kacific’s first Ka-band High-throughput Satellite, Kacific1, was launched in 2019 as a geostationary satellite. It has concentrated spot beams covering all remote areas of the Philippines with high power resulting in availabilities between 99.5% and 99.9%. Kacific’s Ka-band technology provides higher throughput deployed on smaller 1.2-meter antennas or terminal kits, resulting in improved internet performance with higher download and upload speeds.
Thanks to the support Bambunet, one of Kacific’s local Internet Service Providers, Rural Bank of Cuyo can now offer financial services to previously unserved and underserved communities.
“We use the satellite internet for online banking transactions, data backup and recovery, and remote branch connectivity. We chose Bambunet because it’s affordable with lower maintenance service. Now, we can upload and download files in seconds. We can join calls without interruption,” Rizza Eleazar, Manager of the bank, shared.
Bambunet offers unlimited plans at P10,530 in the Philippines. Kacific’s terminals are designed to be simple and are offered for a one-time terminal fee of P34,000.
A Lifeline for Financial Institutions: The Critical Role of Satellite Broadband in Maintaining Business Continuity
In the Philippines, natural disasters can cause significant disruptions to communication networks, including cell towers and fibre-optic infrastructure. However, satellite broadband access can provide communities with a reliable connection to essential banking and other services.
Kacific Enterprise Backup is a solution that enables businesses to remain operational and secure, even when regular terrestrial and mobile broadband connectivity is disrupted. Financial institutions can easily access Kacific’s broadband service as a backup service, at a reasonable cost, in the event of fibre cuts or cable downtime. This backup solution acts as an insurance plan for primary connectivity, ensuring that the bank remains fully operational 100% of the time. With ATM withdrawals and POS systems available at least 99% of the time, even during disasters, continuity is preserved, making it a top priority.
By providing reliable and affordable internet connectivity to even the most remote areas of the country, financial institutions can reach out to previously excluded communities and offer their services. Additionally, the impact of Kacific’s satellite internet is undeniable, and it is an essential tool in achieving the goal of financial inclusion for all Filipinos.
Join the rural banks that enable their services through satellite internet. Contact Bambunet powered by Pipol Broadband at 09661931966 or visayas@bambunet.com.
For more information on Kacific’s satellite technology, visit www.kacific.com.
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