Your Update in March 2017

OK Remit is growing rapidly

After testing the approach through a series of small pilots last year, OK Remit has seen rapid growth in the first quarter of 2017.  Since January there have been 19,773 combined remittance and loan distribution transactions, more than double 2016’s annual total of 9,191.

Partnerships flourishing

OK Remit’s agent model brings together the strengths of existing distribution networks, for example in microfinance institutions, and the power of technology. These mutually beneficial partnerships mean families living in poverty gain affordable and secure access to financial services.

OK Remit has now partnered with two of Opportunity’s microfinance partners, ASKI and TSKI. Combined these partners currently serve over 336,000 small loan clients. By leveraging existing partnerships and new technologies provided by OK Remit, your support is going further to reach those who need it most. Some of the benefits of partnering with microfinance institutions like ASKI and TSKI include:

• Deep understanding of the needs of families living in poverty
• Large, loyal customer base of existing clients
• Wide-reaching distribution network to rural and remote areas, with a human face.

Electronic wallet services

A proposed partnership with electronic money issuer Omnipay will unlock even more opportunities to make financial tools accessible to families living in poverty. With e-money wallet services clients will be able to access services such as utility bill payments, government transfers and international remittances.

Results Summary

Your Update in October 2017

OK Remit has continued to grow through the first half of 2017. Since January, there have been 47,748 total transactions – this is already five times more than the whole of 2016. These results demonstrate the strong potential of the OK Remit pilot. By harnessing the latest technology to deliver financial services, your support for this project will enable many more families to be reached

OK Remit Card

OK Remit is partnering with electronic money issuer Omnipay to launch the OK Remit card later this year. Now, instead of being issued with a member ID card, individuals will receive their own OK Remit card.

These cards will deliver greater freedom and flexibility to families and microfinance institutions, fostering financial inclusion across the Philippines.

Versatile financial tool for families

The prepaid card means families can make financial transactions without opening a bank account – a massive hurdle in the Philippines where 86% of people are unbanked.

Other benefits include:

• Online, real-time funds transfers mean loan disbursements can be available immediately
• Easy access at any OK Remit branch, online or at ATMs nationally
• Increased security and less risk of fraud
• Ability to load Philippine pesos or US dollars
• Worldwide access through ATMs and point of sale merchants, including online shopping
• Can be used to receive government support payments.

More efficient, more effective microfinance institutions

The OK Remit card will save significant resources and create greater efficiencies for microfinance institutions, leading to lower costs for loan recipients and ultimately meaning our partners can reach even more families in the Philippines with small loans.

• Significantly reduce time and resources spent manually processing transactions
• Stricter monitoring and automated record keeping for greater security and less risk of fraud
• Available to all, the OK Remit card means individual microfinance institutions save time and costs developing their own card-based systems
• By improving the customer experience with easier access and a greater range of services, microfinance institutions can boost customer loyalty. 

Results Summary

Your Update in March 2017

The OK Remit platform has grown significantly throughout 2017. The platform recorded 116,587 total transactions for the calendar year, up from just 9,191 in 2016.

There are now over 9,500 community agents across the country, with 500 new community agents coming on board since June 2017.

PARTNERING WITH MICROFINANCE INSTITUTIONS

A massive source of growth in the platform has been partnerships with two of Opportunity’s microfinance partners in the Philippines, ASKI and TSKI. Almost half of all transactions – 57,473 in 2017 – were for loan disbursements.

These partnerships mean small loan clients can receive their loan funds digitally. Instead of travelling to a branch, loan clients conveniently visit their closest community agent to receive their funds.

READY TO LAUNCH: OK REMIT CARDS

The first OK Remit cards have been printed and will be issued to around 2,500 families. All up 250,000 cards have been produced, ready to be personalised with individual details and photographs.

With only one in five families in the Philippines having their own bank account, these personalised cards will open valuable opportunities for making choices with their money, equipping families to break the cycle of poverty. 

IMPROVING SYSTEMS AS THE PLATFORM GROWS

The OK Remit platform had a significant software update at the start of 2018. New functionalities for integration with the OK Remit card are being embedded in the platform, as well as security improvements to ensure compliance with new national anti-money laundering legislation.

Results Summary

Your Update in October 2018

Continuing the strong growth of 2017, the OK Remit platform has handled 61,863 transactions so far this year – 14,115 more than for the same period last year.

Much of this growth – 80% – has been in remittance transactions as the expanding agent network creates access for more communities across the Philippines.

GROWING AGENT FOOTPRINT BRINGS OK REMIT TO MORE COMMUNITIES

OK Remit now has an agent footprint of over 10,000 across the Philippines. This includes 547 OK Remit managing agents. Managing agents have direct agreements with OK Remit and are responsible for managing multiple sub agents. Alongside these, we're forming strategic partnerships with existing remittance providers – agreements have recently been signed with Western Union, the leading global remittance provider, and Mlhuillier – one of the top three Filipino remittance companies with over 2,000 agents.

MORE FAMILIES ACCESSING THEIR OPPORTUNITY CARD

Throughout 2018 the OK Remit Opportunity card has been rolled out to more families across the Philippines. Recently microfinance partner TSKI began a pilot with around 7,500 small loan clients receiving their card to date. Behind the scenes, integrating the OK Remit Opportunity card with microfinance partner systems requires a pilot period and user-testing to work through any issues. Pending final testing, the TSKI team have scheduled expanding access to all clients in the coming months. 

Results Summary