PayMaya Enables Department of Agriculture’s Loan Program for ‘Young Agripreneurs’
The Department of Agriculture (DA), through its Agricultural Credit Policy Council (DA-ACPC), has partnered with digital finance and services leader PayMaya Philippines (PayMaya) for faster and more convenient digital loan disbursements for its Kapital Access for Young Agripreneurs (KAYA) Program.
Through the partnership, PayMaya will enable DA-ACPC’s partner lending conduits for the KAYA Program to digitally disburse loans direct to the PayMaya accounts of borrowers. Program beneficiaries will also be provided with KAYA prepaid cards that can be linked to their PayMaya accounts.
Under the KAYA Program, start-up or existing agri-based projects of young entrepreneurs and agri-fishery graduates aged 18-30 years old can apply for up to P500,000 payable up to five years at 0% interest with not more than 3.5% management fee.
“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects,” said DA Secretary William Dar during the virtual launching of the KAYA digital card on July 6, 2020.
“As our lockdown experience has shown, we need to further explore the cyberspace and take our digitalization efforts to the next level as part of the new normal,” added the DA Secretary.
“We are hopeful that our young agripreneurs empowered by this partnership will pave the way for the continued evolution of the Philippines’ agriculture sector. We are committed to continue enabling government, the economy, and the whole society with CASHLESS and DIGITAL solutions on the road to recovery and onward post-crisis.” said PayMaya Founder and CEO Orlando Vea.
On top of being able to conveniently receive their loans directly to their PayMaya accounts, KAYA loan beneficiaries, can enjoy the many benefits of having a PayMaya account and card that allows them to make online and in-store payments, pay bills, buy load, send money, and withdraw funds, among other financial services which will allow them to continue to transact safely and conveniently even in the face of pandemic-related restrictions such as physical distancing.
“This is just the beginning as we are setting our sights on integrating this technology solution to other credit programs in the near future,” said ACPC Executive Director Jocelyn Alma Badiola.
The initiative is supported by the Development Bank of the Philippines (DBP) and DA’s partner lending conduits such as Mindanao Consolidated Cooperative Bank, Rural Bank of Rizal, Rural Bank of Manolo Fortich, and New San Leonardo Rural Bank.
“We firmly believe that this program is worthy of our support as it encourages more young Filipinos to venture in farming and thus enhance our food security objectives,” said DBP President Emmanuel Herbosa. “We are ready to provide efficient disbursement of funds.”
“With the involvement of key players such as PayMaya, DBP, and our partner lending conduits in the digital financing ecosystem, we will be able to significantly contribute to financial inclusion by providing easier financing access to unserved and underserved small farmers and fisherfolk,” added ED Badiola.
The initiative is a milestone for the DA with ACPC the first of its agencies to utilize digital financial services technologies. The partnership is also part of PayMaya’s growing support to the agriculture sector. Previously, PayMaya has partnered with DBP to digitize the loan disbursement processes of farmer cooperatives in Isabela province.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, and government. Aside from providing payments acceptance for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya enables national and social services agencies, as well as local government units, with digital payments and disbursement services.
Through its app and wallet, PayMaya provides millions of Filipinos with the fastest way to own a financial account with over 40,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined. Its Smart Padala by PayMaya network of over 30,000 partner touchpoints nationwide serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services. To know more about PayMaya’s products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.