MANILA, Philippines - After just three years of operation, Electronic Network Cash Tellers Inc. (Encash) has expanded its automated teller machine (ATM) network to over 300 in 2011.
Encash is the first independent ATM deployer in the Philippines.
Beginning with just one ATM in Puerto Galera, Encash ATMs presently number 314, spread out with 149 partners. These are 116 rural banks, 31 cooperatives and two independent entities.
“We are now like the size of a commercial bank,” said Eric Severino, Encash president.
As a deployer, Encash supplies ATM units and facilities switching to a client, who is responsible for loading cash in the machine. The deployer or ATM outsourcing firm is a member of Megalink, one of two nationwide ATM switching operators.
It continues to play a key role in bringing to rural communities fast, easy, and secure means of obtaining their money.
Before the deployment of the Encash ATM in rural areas, townsfolk would have to travel via motorcycle, jeep, boat or in some instances, a combination of all three modes of transportation.
“Aside from the convenience ATMs bring, rural communities also realize that there is an economic implication to having an ATM deployed in their neighborhood. Money could now be used and could circulate in the communities,” Severino added.
At the end of 2010, there are a total 9,370 ATMs deployed of which 6,165 are located within the premises of a bank branch, while 3,205 are offsite machines mostly located in shopping malls and other high traffic areas.
Of the total deployed, universal and commercial banks account for 8,072 ATMs, 1,151 with thrift banks, and 147 with rural banks.