April 20, 2018, 1:06 am
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1 Philippine Peso = 0.07053 UAE Dirham
1 Philippine Peso = 1.99923 Albanian Lek
1 Philippine Peso = 0.03418 Neth Antilles Guilder
1 Philippine Peso = 0.38677 Argentine Peso
1 Philippine Peso = 0.02467 Australian Dollar
1 Philippine Peso = 0.03418 Aruba Florin
1 Philippine Peso = 0.03841 Barbados Dollar
1 Philippine Peso = 1.59228 Bangladesh Taka
1 Philippine Peso = 0.03034 Bulgarian Lev
1 Philippine Peso = 0.00724 Bahraini Dinar
1 Philippine Peso = 33.62742 Burundi Franc
1 Philippine Peso = 0.0192 Bermuda Dollar
1 Philippine Peso = 0.02503 Brunei Dollar
1 Philippine Peso = 0.13175 Bolivian Boliviano
1 Philippine Peso = 0.06526 Brazilian Real
1 Philippine Peso = 0.0192 Bahamian Dollar
1 Philippine Peso = 1.26032 Bhutan Ngultrum
1 Philippine Peso = 0.18403 Botswana Pula
1 Philippine Peso = 384.48243 Belarus Ruble
1 Philippine Peso = 0.03837 Belize Dollar
1 Philippine Peso = 0.02421 Canadian Dollar
1 Philippine Peso = 0.01858 Swiss Franc
1 Philippine Peso = 11.41406 Chilean Peso
1 Philippine Peso = 0.12052 Chinese Yuan
1 Philippine Peso = 52.12791 Colombian Peso
1 Philippine Peso = 10.7778 Costa Rica Colon
1 Philippine Peso = 0.0192 Cuban Peso
1 Philippine Peso = 1.71039 Cape Verde Escudo
1 Philippine Peso = 0.39282 Czech Koruna
1 Philippine Peso = 3.39601 Djibouti Franc
1 Philippine Peso = 0.11551 Danish Krone
1 Philippine Peso = 0.94891 Dominican Peso
1 Philippine Peso = 2.1798 Algerian Dinar
1 Philippine Peso = 0.24262 Estonian Kroon
1 Philippine Peso = 0.33916 Egyptian Pound
1 Philippine Peso = 0.52276 Ethiopian Birr
1 Philippine Peso = 0.01551 Euro
1 Philippine Peso = 0.03865 Fiji Dollar
1 Philippine Peso = 0.01348 Falkland Islands Pound
1 Philippine Peso = 0.01349 British Pound
1 Philippine Peso = 0.08525 Ghanaian Cedi
1 Philippine Peso = 0.89975 Gambian Dalasi
1 Philippine Peso = 172.80584 Guinea Franc
1 Philippine Peso = 0.14089 Guatemala Quetzal
1 Philippine Peso = 3.95007 Guyana Dollar
1 Philippine Peso = 0.15072 Hong Kong Dollar
1 Philippine Peso = 0.45249 Honduras Lempira
1 Philippine Peso = 0.11491 Croatian Kuna
1 Philippine Peso = 1.24505 Haiti Gourde
1 Philippine Peso = 4.8093 Hungarian Forint
1 Philippine Peso = 264.60534 Indonesian Rupiah
1 Philippine Peso = 0.06739 Israeli Shekel
1 Philippine Peso = 1.26727 Indian Rupee
1 Philippine Peso = 22.73862 Iraqi Dinar
1 Philippine Peso = 806.60649 Iran Rial
1 Philippine Peso = 1.91031 Iceland Krona
1 Philippine Peso = 2.37565 Jamaican Dollar
1 Philippine Peso = 0.01361 Jordanian Dinar
1 Philippine Peso = 2.06171 Japanese Yen
1 Philippine Peso = 1.92145 Kenyan Shilling
1 Philippine Peso = 1.32194 Kyrgyzstan Som
1 Philippine Peso = 76.97331 Cambodia Riel
1 Philippine Peso = 7.61206 Comoros Franc
1 Philippine Peso = 17.28442 North Korean Won
1 Philippine Peso = 20.40042 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01575 Cayman Islands Dollar
1 Philippine Peso = 6.25043 Kazakhstan Tenge
1 Philippine Peso = 158.93989 Lao Kip
1 Philippine Peso = 28.9034 Lebanese Pound
1 Philippine Peso = 2.99693 Sri Lanka Rupee
1 Philippine Peso = 2.50451 Liberian Dollar
1 Philippine Peso = 0.22892 Lesotho Loti
1 Philippine Peso = 0.05855 Lithuanian Lita
1 Philippine Peso = 0.01192 Latvian Lat
1 Philippine Peso = 0.02543 Libyan Dinar
1 Philippine Peso = 0.17577 Moroccan Dirham
1 Philippine Peso = 0.31452 Moldovan Leu
1 Philippine Peso = 0.94968 Macedonian Denar
1 Philippine Peso = 25.52333 Myanmar Kyat
1 Philippine Peso = 45.86134 Mongolian Tugrik
1 Philippine Peso = 0.15521 Macau Pataca
1 Philippine Peso = 6.76013 Mauritania Ougulya
1 Philippine Peso = 0.64144 Mauritius Rupee
1 Philippine Peso = 0.29902 Maldives Rufiyaa
1 Philippine Peso = 13.70175 Malawi Kwacha
1 Philippine Peso = 0.35007 Mexican Peso
1 Philippine Peso = 0.07459 Malaysian Ringgit
1 Philippine Peso = 0.22915 Namibian Dollar
1 Philippine Peso = 6.87536 Nigerian Naira
1 Philippine Peso = 0.59554 Nicaragua Cordoba
1 Philippine Peso = 0.14884 Norwegian Krone
1 Philippine Peso = 2.01652 Nepalese Rupee
1 Philippine Peso = 0.02629 New Zealand Dollar
1 Philippine Peso = 0.00739 Omani Rial
1 Philippine Peso = 0.0192 Panama Balboa
1 Philippine Peso = 0.06176 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21836 Pakistani Rupee
1 Philippine Peso = 0.06459 Polish Zloty
1 Philippine Peso = 106.04187 Paraguayan Guarani
1 Philippine Peso = 0.0699 Qatar Rial
1 Philippine Peso = 0.07223 Romanian New Leu
1 Philippine Peso = 1.16816 Russian Rouble
1 Philippine Peso = 16.22066 Rwanda Franc
1 Philippine Peso = 0.07202 Saudi Arabian Riyal
1 Philippine Peso = 0.14768 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34667 Sudanese Pound
1 Philippine Peso = 0.161 Swedish Krona
1 Philippine Peso = 0.02513 Singapore Dollar
1 Philippine Peso = 0.01349 St Helena Pound
1 Philippine Peso = 0.42646 Slovak Koruna
1 Philippine Peso = 146.53351 Sierra Leone Leone
1 Philippine Peso = 10.79316 Somali Shilling
1 Philippine Peso = 380.06338 Sao Tome Dobra
1 Philippine Peso = 0.16804 El Salvador Colon
1 Philippine Peso = 9.89015 Syrian Pound
1 Philippine Peso = 0.22917 Swaziland Lilageni
1 Philippine Peso = 0.599 Thai Baht
1 Philippine Peso = 0.04602 Tunisian Dinar
1 Philippine Peso = 0.04292 Tongan paʻanga
1 Philippine Peso = 0.07736 Turkish Lira
1 Philippine Peso = 0.12961 Trinidad Tobago Dollar
1 Philippine Peso = 0.56365 Taiwan Dollar
1 Philippine Peso = 43.7488 Tanzanian Shilling
1 Philippine Peso = 0.50259 Ukraine Hryvnia
1 Philippine Peso = 70.84694 Ugandan Shilling
1 Philippine Peso = 0.0192 United States Dollar
1 Philippine Peso = 0.54158 Uruguayan New Peso
1 Philippine Peso = 154.65719 Uzbekistan Sum
1 Philippine Peso = 1139.831 Venezuelan Bolivar
1 Philippine Peso = 437.43038 Vietnam Dong
1 Philippine Peso = 2.00538 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.16881 CFA Franc (BEAC)
1 Philippine Peso = 0.05185 East Caribbean Dollar
1 Philippine Peso = 10.16881 CFA Franc (BCEAO)
1 Philippine Peso = 1.83983 Pacific Franc
1 Philippine Peso = 4.79931 Yemen Riyal
1 Philippine Peso = 0.2292 South African Rand
1 Philippine Peso = 99.66391 Zambian Kwacha
1 Philippine Peso = 6.95026 Zimbabwe dollar

GRAMEEN FOUNDATION + POSible.NET: Technology empowers women by digitalizing the purse strings

by Lourdes E. Escolano

TECHNOLOGY liberates in a way that no revolution can. Not only can technology equalize the playing field between genders or generations, it also democratizes the capital arena, providing opportunities for financial inclusion and independence. In this financial technology (fintech) space, the Grameen Foundation and one of its partners POSible.net are leaders. 

Grameen Foundation’s mission statement reads: “Enable the poor, especially women to create a world without poverty and hunger.” 

“The Grameen Foundation’s mission is really to alleviate poverty globally,” Gigi Gatti, Grameen Foundation Regional Director for Asia and Country Director for the Philippines says as she starts to explain her organization and its partnership with to POSible.net, a local start-up that has successfully used digitalization in catering to an unserved portion of the payment space. 

“In the Philippines our work started with microfinance institutions and helping them to be bankable and empower the micro entrepreneurs,” Gatti adds this time leading to to how digital innovation and technological saviness best served their purposes. Not only did technology open up transparency in the microfinance sector, it also expanded opportunities for women to be both involved and empowered within that sector.

“In many of our studies, we found out how women are better in handling money and finances than men. It is women’s attention to detail is also the reason why we know they can be successful in activities that involve money—collecting, balancing and paying—these just come naturally to women,” Gatti said as she emphasizes that the study does not demean men in any way but it simply points to the results of their research.

The power of the Grameen Foundation, whose principles developed from the Bangladesh Grameen Bank, is technology. Gatti elaborates that it is the enabler that will catalyze poverty alleviation and make it scale faster. The involvement of women in this catalyzation is the manner by which digital financial services can be deployed using digital processes or devices.

But these poverty alleviating financial services have restricted access caused by poor telecommunications.  Some 500 local government units especially in the South remain unserved. 

“This means that self-assisted banking channels which we at Grameen Foundation were banking on to serve the unbanked is not going to happen in the next few years,” Gatti lamented also pointing to the rise of alternative providers including payment by mobile systems, pawnshops and remittance centers which cut down the percentage of the unbanked areas from 37 percent in 2014 to 11 percent in 2016.

It is precisely in these unserved markets that agent-assisted digital platforms become useful. A digital platform such as that offered by POSible.net now become more relevant. POSible.net comes from the acronym Point-of-Sales (POS) thus the name POSible. POS transactions—much like the cashier at the supermarket check out counter is the principle behind the concept and the device that was created for the purpose of financial inclusion.

Grameen Foundation supports POSible.Net, a fintech startup established just 2 years ago and has so far been providing digital services for bills payment, money services, and mobile loading among others, using a wireless (or wired, depending on the condition) POS terminal.

“The beauty of the system is that it can be deployed quickly and painlessly,” says JG Puzon, President and CEO of POSible.net. He also emphasized how at the conception of both the device and the process, they were already future proofing it the accommodate the upcoming known technologies including QR code, NFC cards and devices, and EMV chips. It also has a camera-ready function that will used to capture IDs that require identification for some transactions.

“We also took into consideration the size of the device, the way it uses power, heat dissipation because at the very start it was designed to be deployed in sari-sari stores, bakeries, laundromats, places without aircons,” Puzon elaborates.

POSible.net can process utility bills payment, pay government fees for specific services, money services, micro-insurance, mobile loading, online gaming credits, and bus, ship and airline ticketing. 

“We also found out that the most important thing for the Filipino consumer in partronizing a payment service is the “resibo” (receipt),” Gatti said then points to the receipt printer of the POSible terminal. Each transaction entered into the system produces a receipt which helps gain the trust of consumers.

POSible was founded two years ago and currently offers more than 300 digital services to over a million Filipino consumers and has already generated close to P2 billion worth of transactions.

“We have been hitting milestones since we started operating in 2016,” Puzon said adding that it was because of the support of the Grameen Foundation that their network continues to grow.

“Women are key to the success formula,” Puzon comments.

“Today, 75 percent of KaPosible agents are women, that tells a lot in terms of the economic impact of a business model such as POSible,” Gatti confirms Puzon’s observation. Another indicator of the strength of women on the fintech platform is that 70 percent of the outlets for the devices are in sari-sari stores owned and operated by women. The remaining 30 percent are in male dominated businesses such as barber shops and bakeries.

What kind of failures does the platform encounter?

Gatti clarifies that if by failure meant that the agent stops becoming an agent, she says yes.  “I don’t know the exact number to date but from our perspective, this is very common incidence among agent networks globally,” Gatti points out also saying that part of the package is training and constant monitoring of agents.  Risk mitigation is an important part of the success rate and understanding the reasons for success (or failure) within the network management functions help reduce the failure rate. 

“We are excited for what 2018 has to offer to our growing number of retailers, consumers and partners, and I believe that now is the perfect time to tell everyone about how we are empowering the Filipino MSMEs,” Puzon concludes. –with inputs from RGBT
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