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GSave Depositors Reach 5.3M; New Account Holders Get 7% Interest P.A.
1 in 5 banked Filipino adults use GSave
Digital savings account GSave has grown its base to 5.3 million users, with one out of every 5 banked Filipino adults now using the service and the platform continuing to reach out to the country’s huge unbanked population.
GSave was created by popular e-wallet platform GCash and one of Southeast Asia’s largest commercial banks, CIMB Bank. It is the first-ever bank account that can be opened and maintained straight from the GCash app.
The number of GSave depositors is expected to increase further as CIMB hikes its interest rate to 7% per annum for new GSave account holders. Current depositors enjoy a 2.6% annual interest rate, which is much higher than the 0.10% to 1.25% offered by traditional banks.
Encouraged by the success of its partnership with CIMB, GCash is set to launch the GSave Marketplace, offering users more choices of bank and savings products that best suit them. To be onboarded in the GSave Marketplace is the Bank of the Philippine Islands (BPI), one of the country’s biggest and most reputable financial institutions.
“We want to bring financial inclusion to Filipinos nationwide. Through GSave, we hope to encourage everyone, especially the unbanked, to open a digital savings account. It can open up a whole suite of financial services like loans, insurance, and investment to help uplift their lives. They only need one ID to open a savings account in GCash, then they can start saving right away and eventually avail of other services,” said Martha Sazon, GCash President and CEO.
GSave was born to fill a need. About 70% of the country’s adult population were unbanked when the innovative service was introduced in December 2018.
Aside from high interest rates, zero fees, and quick account setup, GSave does not require a minimum deposit and maintaining balance, unlike most traditional banks. This addresses the primary factor why people remain unbanked: lack of funds.
By partnering with GCash, CIMB Bank has also powered GCredit. It is the top mobile wallet’s first foray into digital lending. So far, GCredit has already provided P29 billion worth of credit line to qualified users even if they do not have a formal income document.
GCash is one of the portfolio companies under 917Ventures, a wholly-owned subsidiary of Globe. It is one with the Globe Group in supporting the United Nations Sustainable Development Goals, particularly UN SDG No. 9, highlighting the roles of infrastructure and innovation as crucial drivers of economic growth and development.
To learn more about GCash, visit www.gcash.com.