MANILA, Philippines - Smart Communications Inc. (Smart) has awarded the Tuburan branch of First Consolidated Cooperative Along Tañon Seaboards (FCCT) with a P50,000 cash incentive for achieving the target number of new Smart Money accounts under the Smart Island Activations Program (IAP).
Under the IAP, FCCT branches, which are located in far-flung areas of Cebu, have become accredited Smart Money Centers that enable community residents to send and receive cash without having to travel long distances to a bank or remittance center.
This is made possible by the mobile commerce platform of Smart Money-the world’s first reloadable cash card linked to a mobile phone. FCCT is one of the 46 microfinance institutions (MFI) supported by the IAP.
The IAP is a GSMA-backed initiative launched by Smart in partnership with Seed Finance to roll-out mobile financial services to remote, underserved Philippine islands that have limited or no access to banks.