Beyond Limits: How Satellite Internet is Revolutionizing Financial Services for Remote Communities
According to the 2021 Financial Inclusion Survey (FIS) conducted by the Bangko Sentral ng Pilipinas (BSP), the proportion of banked adults in the Philippines increased from 29% in 2019 to about 56% in 2021. This is the most significant two-year increase since the survey began in 2015. The BSP's Digital Payments Transformation Roadmap aims to increase the number of Filipino adults with bank accounts to 70% by 2023 and raise the share of digital payments in total retail transactions to 50% by the same year.
Despite the increase in the banked population, financial inclusion remains a challenge in the Philippines. Many people, especially those living in remote and underserved areas, still lack access to financial services. This makes it difficult for people to access financial services such as savings accounts, loans, and insurance. In addition, inadequate connectivity in these areas makes it even more challenging for financial institutions to reach these communities.
This lack of access to financial services has significant implications for the Philippines' economy, as it hinders economic growth and development. Financial inclusion is critical in enabling individuals and businesses to participate in the formal economy, access credit and insurance, and invest in their future.
Connecting Communities: How Kacific is Expanding Access to Financial Services in Rural Areas
Kacific has made a significant change in rural banking in the Philippines by utilizing satellite internet technology to address the challenge of financial inclusion. Kacific’s reliable, accessible and affordable internet service has made it possible for financial institutions to offer their services to unreachable communities that were excluded from the formal financial system.
Kacific's Ka-band technology provides higher throughput deployed on smaller 1.2-meter antennas or terminal kits, which can be quickly and easily installed, resulting in improved internet performance with higher download and upload speeds. Kacific's first Ka-band High-throughput Satellite, Kacific1, was launched in 2019 as a geostationary satellite. It has concentrated spot beams covering all remote areas of the Philippines, including Batanes, Palawan, and Sulu, with high power resulting in availabilities between 99.5% and 99.9%.
Additionally, Kacific has established a local teleport in Subic Bay with an additional site in Clark to serve as a backup site during bad weather conditions, minimizing the impact of rain fade and ensuring uninterrupted connectivity. It also employs modern technologies such as Adaptive Coding and Modulation (ACM), signal pre-distortion, and uplink power control to enhance the throughput and overall availability, resulting in an improved quality of service and enhanced user experience.
Kacific's satellite internet service has a significant impact on the Rural Bank of Cuyo in Palawan, thanks to the support of the local Internet Service Provider (ISP) Bambunet. With reliable and affordable satellite internet, the bank can now offer financial services to previously unreachable rural unserved and underserved communities, helping them to credit and access other financial services crucial for business growth and development.
The Rural Bank of Cuyo in Palawan is among the major beneficiaries of Kacific's satellite internet, facilitated by one of its local Internet Service Providers (ISPs), Bambunet. With the satellite internet, the bank can now provide financial services to remote communities, allowing them to access credit and other financial services that can help them establish or grow their businesses.
“Before we used the Bambunet powered by Kacific internet, we used to go to a remote location in the area like Aguado and Tocadan, where one wants to go to find a better internet connection,” Rizza Eleazar, manager of Rural Bank of Cuyo, said.
“We chose Bambunet powered by Kacific because it’s affordable with lower maintenance service. Now, we can upload and download files in seconds. We can join a webinar without interruption, and it’s quite refreshing. It’s something new for us that we can do in the comfort of our office,” she added.
Bambunet offers unlimited plans starting at P5,940 in the Philippines. Terminals are offered for a one-time terminal fee of P34,000 or P52,000 depending on the size of the plan. A one-time installation fee of P10,000 is charged by distributors to install the terminal kit in a specific area.
A Lifeline for Financial Institutions: The Critical Role of Satellite Broadband in Maintaining Business Continuity
In the Philippines, natural disasters can cause significant disruptions to communication networks, including phone lines, cell towers, and fibre-optic infrastructure. However, satellite broadband access can provide communities with a reliable connection to essential banking and other services.
Kacific Enterprise Backup is a solution that enables businesses to remain operational and secure, even when regular terrestrial and mobile broadband connectivity is disrupted. Financial institutions can easily access Kacific's broadband service as a backup service, at a reasonable cost, in the event of fibre cuts or cable downtime. This backup solution acts as an insurance plan for primary connectivity, ensuring that the bank remains fully operational 100% of the time. With ATM withdrawals and POS systems available at least 99% of the time, even during disasters, continuity is preserved, making it a top priority.
By providing reliable and affordable internet connectivity to even the most remote areas of the country, financial institutions and microfinance institutions can reach out to previously excluded communities and offer their services. Additionally, the impact of Kacific’s satellite internet is undeniable, and it is an essential tool in achieving the goal of financial inclusion for all Filipinos.
Join the growing number of rural banks that are leveraging satellite internet to enable their services and accelerate financial inclusion within their communities. Contact Bambunet powered by Pipol Broadband at www.bambunet.com or call (0998) 555 3243.
For more information on Kacific’s satellite technology, visit www.kacific.com or contact firstname.lastname@example.org.
Are you interested in helping communities and connecting them to satellite internet? Apply to be a Kacific Authorized Distributor today, visit https://kacific.com/distributor-network to know more. (SPONSORED CONTENT)
Kacific provides connectivity solutions for the Rural Bank of Cuyo so they can access digital finance.
The VSAT of Bambunet powered by Kacific enhances financial inclusion with cutting-edge technology. (Contributed photo)
Rizza Eleazar logs in to Bangko Sentral ng Pilipinas (BSP) website seamlessly. (Contributed photo)
March 23, 2023
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