Our policy on cash agent operations (Circular 940) enable accredited third-party establishments, such as pharmacies and convenience stores, to perform basic banking operations. These function as familiar and highly accessible transaction channels, as well as bridge cash-based and digital transactions. There is clearly public appetite for account ownership – BDA ownership as of first quarter 2020 increased to 4.64 million from 428,000 in 2018.
During the pandemic, over 4 million new accounts were opened via digital platforms, along with new online sign-ups and app downloads for digital financial services (DFS). Meanwhile, there are at least 17,000 active cash agents to date, attesting to their ubiquity across the country.