- Sari-sari Stores (convenience stores) form the backbone of the national economy, yet only 23% of Filipino MSMEs have access to formal loans
- Collaboration will strengthen BanKo’s digital ecosystem by connecting store owners to responsible and sustainable financial solutions, with the aim to reach 500,000 Filipino small business owners.
MANILA, February 17 – Global nonprofit Accion, a leader in inclusive finance, together with the Mastercard Center for Inclusive Growth, which advances inclusive economic growth worldwide, are partnering with BPI Direct BanKo, Inc., A Savings Bank (BanKo) to help expand access to digital financial services for 500,000 Filipino microentrepreneurs, particularly sari-sari store owners who form the backbone of local communities in the Philippines.
BanKo is a wholly owned microfinance subsidiary of the Bank of the Philippine Islands (BPI) and plays a key role in advancing financial inclusion across the country.
With support from Accion and the Mastercard Center for Inclusive Growth, BanKo aims to equip sari-sari store owners with digital tools to help grow and strengthen their businesses. By leveraging alternative data, Accion and BanKo will co-develop digital credit offerings designed to speed up loan approval turnaround time, enabling microentrepreneurs to address short-term liquidity needs, seize growth opportunities, and build long-term financial resilience. The partnership will also expand to the e’Nay App wholesale marketplace, providing sari-sari store owners with easier access to credit for working capital purchases.
“Sari-sari stores are the backbone of the Filipino economy, yet many small store owners remain underserved by the formal banking sector,” said Rodolfo Mabiasen, Jr., BanKo President. “With Mastercard’s long-standing support for the global small business community and Accion’s expertise in alternative data and digital innovation, we will be able to deliver solutions designed around the real needs of micro-entrepreneurs. By speeding up approval times and connecting these store owners to working capital and a wider range of suppliers through the e’Nay App, we hope to help them build a better future for their families and communities.”
Microentrepreneurs make up more than 90% of all businesses in the Philippines[1] and employ over 60% of the country’s workforce.[2] Many of these are sari-saris, family-run convenience stores that provide everyday staples to their communities. Despite playing an essential role in the Filipino economy, micro and small enterprises (MSEs) face a financing gap of up to USD 221 billion[3], limiting their ability to grow, manage cash flow, or respond to unexpected challenges such as natural calamities and supply chain disruptions.
As Roma Vasudevan, Senior Director of Risk Management and Digital Lending at Accion Advisory, added, “Sari-sari stores are an essential component of the Philippines’ economy, providing jobs, goods, and services to local communities. However, traditional in-person banking and inventory procurement processes are often costly, leaving entrepreneurs without financial safety nets to protect against economic shocks. Small store owners often depend on limited supply chains, with much of their capital tied up in existing stock. Through BanKo and its e’Nay App, store owners can access a wider range of suppliers and, with credit previously out of reach, expand their inventory—supporting business growth and long-term stability.”
BanKo currently provides payments, savings, and financing solutions to more than 300,000 businesses and low-income individuals nationwide, with over 90% of its customers classified as Self Employed Micro Entrepreneurs (SEMEs). BanKo has also introduced the e’Nay App, a digital platform that enables sari-sari store owners to purchase and finance inventory from consumer-packaged goods (CPG) brands through e-commerce.
Jason Crasto, Country Manager, Philippines, Mastercard, said: “Access to financial services is a critical enabler of growth for Filipino microentrepreneurs. By strengthening BanKo’s digital credit ecosystem, we are helping unlock opportunities for sari-sari store owners to grow their businesses, build resilience, and participate more fully in the Philippines’ fast digitizing economy. This collaboration is especially timely as the Philippines assumes the ASEAN Chairmanship and continues to advance its shift toward a more digital, cash-lite payments environment. Mastercard is proud to power this digital shift, which reflects our longstanding commitment to advancing financial inclusion and empowering small businesses across the nation.”
“Closing the credit gap requires disciplined use of data, strong local partners and a clear path to scale. By working with financial providers like BanKo to deliver digital financial services that are inclusive, sustainable, and grounded in the realities of the Philippine market, we will support Filipino microentrepreneurs on their journey towards economic growth and financial resilience,” said Subhashini Chandran, Senior Vice President, APEMEA, Mastercard Center for Inclusive Growth.
This initiative is part of Accion’s 8-year partnership with the Mastercard Center for Inclusive Growth that supports the transformation of financial service providers, digital platforms, and fintech companies. Through this collaboration, the partnership aims to help 23 million people across 25 countries benefit from the digital economy across a variety of programs.
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About Accion
Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. We develop and scale responsible digital financial solutions for small business owners, smallholder farmers, and women, so they can make informed decisions and improve their lives. Through targeted investment strategies, advisory solutions, and expert thought leadership, we work with local partners to develop and scale cheaper, more accessible, and customer-friendly financial solutions. Over its history, Accion has helped build 285 financial service providers serving low-income clients in 77 countries, reaching 478 million people. More at www.accion.org.
About BanKo
BPI Direct BanKo, Inc., a wholly owned subsidiary of the Bank of the Philippine Islands (BPI), is committed to advancing financial inclusion. Through accessible, convenient, and affordable loan products, BanKo empowers self-employed microentrepreneurs (SEMEs) to fuel their operations and business growth. By enhancing the financial capabilities of its clients, BanKo aspires to positively impact their quality of life and play a pivotal role in fostering the economic growth of the Philippines.
About Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter.
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[1] 2023 Philippine MSME Statistics
[2] UNDP MSME Value Chain Rapid Response Survey
[3] Nomura Foundation, MSME Financing in the Philippines: Status, Challenges and Opportunities