MANILA, Philippines - Electronic Network Cash Tellers, Inc. (Encash) has now deployed a total of 300 ATMs in just three years of its operations as the company aims to blaze new trails that include a possible initial public offering (IPO) to bolster its business model.
Encash president Eric J. Severino bared this during the celebration of the company’s landmark deployment of 300 ATMs with a party at Commons restaurant two weeks ago. Severino said that the availability of Encash ATMs in the rural areas makes it possible for the underserved to finally have convenient access to their finances.
Government pensioners, recipients of the Philippine government’s 4Ps Program, teachers and OFW relatives which are recipients of remittances benefit greatly from the presence of these ATMs, as do students and employees in the private sector.
Encash continues to cement partnerships with other entities in order to expand its operations and continue with its vision to provide remote communities with access to their finances.
“We are happy that our efforts have been recognized by MegaLink. We commit to continue with our mission to serve the Filipino community,” Severino said.
The Encash business model ensures that it provides convenience for all. Cardholders are charged a minimal convenience fee which is considerably less than what they spend to reach the nearest ATM in the city or the largest town. The convenience fee is then shared between Encash, its rural bank and cooperative partners, as well as Megalink and the banks that issued the ATM card.
As the country’s first independent ATM deployer, Encash received the Top Onsite ATM award for its ATM deployment in GM Bank. This was held during the annual MegaLink Performance Award last May 24. The awarding ceremony was held at The Anvil, BDO Corporate Center in Makati City.
Encash’s ATM network is the second largest in MegaLink, second only to Banco De Oro. In its three years of existence, Encash has expanded its network to 300 ATMs in the rural areas - a feat by any standard. Encash specializes in deploying ATMs in rural areas not deemed viable by commercial banks. Its partners comprise of 148 rural banks and cooperatives.