Mobile banking project launched for low income people, women

Vietnam Bank for Social Policies launch a project for low-income users and women in Vietnam (Photo: VNA)

The project is funded by the Australian Foreign Affairs and Trade Department (DFAT) under the framework of the Business Partnerships Platform. It aims at enhancing and improving access to financial services for poor and low-income households, especially women-run micro-enterprises.

Mobile Banking 2 will continue for 2019-22 in 10 cities and provinces including Ninh Binh, Hoa Binh, Ha Giang, Lao Cai, Nghe An, Quang Tri, Binh Dinh, Dak Lak, Ho Chi Minh City and Can Tho.

Since the beginning of 2017, VBSP has been collaborating with the Asia Foundation (TAF) and Mastercard to implement the Mobile Banking 1 project to provide persified and convenient digital payment services to customers, including poor people, and students in difficult circumstances, people with disabilities, ethnic minority people and overseas workers across the country, especially in rural, remote and mountainous areas.

The project also aims at implementing the plan for IT Development in VBSP to 2025 with the objective of developing the IT system towards technology renovation, product persification, modern and safe banking services with high levels of knowledge and technology to enhance customers’ access to banking services, and enhance and modernise governance of VBSP.

Mobile Banking 1 (2017-18) produced positive results. VBSP has sent SMS messages to customers nationwide to provide information about their account balance, savings and payment due dates and information.

By the end of 2018, VBSP had sent SMS messages on a regular basis to 5.1 million customers across 63 cities and provinces, who have registered their mobile phone numbers with the bank. The successful implementation of regular SMS services for customers is highly significant in enhancing the transparency and efficiency of operations, providing timely information to customers.

Mobile Banking 2 will continue to improve SMS services to VBSP’s customers to ensure that 100 percent of customers register their mobile phone number, receive and understand the content of SMS and can provide feedback to the bank. Phase 2 will focus on supporting VBSP to develop the digital financial platform with the development of technology solutions for mobile banking services.

The project will help VBSP mainstream gender issues in the planning and implementation of their programmes, thus contributing to empowering women, who account for 60 percent of the bank’s customers.