Manila: Bringing more Filipinos into the digital financial system will require more than cheaper transaction costs, Senator Erwin Tulfo said Thursday, noting that complicated account requirements, poor connectivity, and fear of fraud continue to keep many people from using formal financial services.
According to Philippines News Agency, Tulfo emphasized that reducing or eliminating transaction fees could encourage the use of digital payments, but would have little impact on people who struggle to open accounts, understand banking applications, or safely navigate digital platforms. 'Lower or even zero fees can certainly help encourage digital transactions, but they are only one part of the bigger picture,' he said in a news release.
Tulfo highlighted that the focus should instead be on making financial services 'easy to enter, easy to understand, and easy to use,' particularly for first-time users and Filipinos who are less familiar with digital technology. He called on digital banks, traditional banks, electronic wallets, financial technology firms, telecommunications companies, and regulators to work toward an ecosystem that allows consumers to move money and access basic services without unnecessary obstacles.
The senator noted that the Bangko Sentral ng Pilipinas has been expanding access to basic deposit accounts and digital payments, but said financial inclusion should ultimately be measured by how these policies affect ordinary Filipinos. Consumer trust, he added, is equally important as wider access. 'People will not embrace digital finance if they believe their money or personal information is unsafe,' Tulfo said.
He cited safeguards against fraud, transparent information on fees and charges, accessible customer support, and effective complaint mechanisms as essential to encouraging more people to use digital financial services. Tulfo also underscored the need for financial and digital literacy, simpler interfaces, and reliable connectivity, particularly for people who may be using online financial services for the first time.
He said success should not be measured merely by the number of accounts opened or digital transactions recorded, but by whether Filipinos are actually able to save, receive payments, send money, obtain responsible credit, secure insurance, and better manage their finances. 'If we can create a financial ecosystem with zero unnecessary barriers -- not necessarily zero fees -- we can bring digital finance closer to the people who need it most,' he said.
