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Usaid E-Peso Activity USAID E-PESO ACTIVITY Shared Cash Agent Network Cash Agent Network Specialist End of Contract Report April 30, 2020 Prepared for the United States Agency for International Development by Anatoly Gusto under “E- PESO” Contract No. AID-492-C-15-0001 implemented by Chemonics International Inc. The author’s views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. Confidential EXECUTIVE SUMMARY This report contains the activities, accomplishments and recommendations of the Cash Agent Network Specialist for the Interoperable Cash Agent Network Project for the period November 2019 to April 2020, which was spearheaded by the USAID- funded E-PESO Project. The project entailed significant efforts in securing buy-in and alignment with key industry players as well as the regulator. Also, synergies were explored with the Bangko Sentral ng Pilipinas (BSP) and Philippine Payments Management, Inc. (PPMI) where support for the project was obtained. The development work that went into the project covered developing the ISCAN term sheet agreement, which covers the key preliminary agreements jointly identified by the pilot partners around policies, processes and standards in putting up a shared cash agent network. 1. Securing buy-in of Gcash-Mynt, PayMaya, Land Bank and OmniPay The Project Team, which was composed of USAID E-PESO representatives, international consultant and local cash agent network specialist, held initial meetings with target initial start-up group (SUG) members to secure their buy-in and commitment to participate in the ISCAN Project. Their involvement as members of the start-up group is perceived to be critical in the successful development of a shared cash agent network in the country. Through consultation meetings and continuous dialogue, the project team was able to secure their commitment to proceed to enable the use of their institution’s cash agents by customers of other institutions, and the use of other institutions’ cash agents by their customers for cash in/out transactions; and to participate in pertinent pilot and eventual go-to market activities. 2. ISCAN Workshop E-PESO facilitated a workshop on January 23, 2020, which was attended by representatives from the SUG members, BSP and PPMI. The objective of the workshop is for the initial participants to agree on an agent sharing model which includes the structure, the uses cases, fee arrangements and salient provisions of the multilateral agreement; high-level discussion on regulatory compliance; and identification of next steps. 3. Output and Recommendations The report also includes the latest draft of the ISCAN Term Sheet Agreement, list of pertinent BSP regulations and a general recommended approach towards establishing a shared cash agent network, including key tasks that need consideration in the process to justify the project. Anatoly Gusto April 2020 Cash Agent Network Specialist End of Contract Report i Confidential TABLE OF CONTENTS EXECUTIVE SUMMARY .................................................................................. i 1. ACTIVITIES AND RESULTS ..................................................................... 3 1.1. Consultation Meetings ........................................................................ 3 1.1.1. ISCAN Meeting with Land Bank ...................................................... 3 1.1.2. ISCAN Meeting with Mynt-Gcash .................................................... 6 1.1.3. ISCAN Meeting with PayMaya ......................................................... 8 1.1.4. ISCAN Meeting with Omnipay ....................................................... 10 1.1.5. ISCAN Meeting with Palawan Pawnshop ...................................... 11 1.1.6. ISCAN Meeting with Bancnet ........................................................ 13 1.1.7. ISCAN Meeting with UBX .............................................................. 14 1.1.8. ISCAN Meeting with Security Bank ............................................... 16 1.2. Interoperable/Shared Cash Agent Network Workshopp ................... 18 1.3. Term Sheet Agreement and List of BSP relevant Regulations ......... 21 2. LESSONS LEARNED AND RECOMMENDATIONS ............................... 21 2.1. Landmark to have key industry stakeholders to participate .............. 21 2.2. Engaging the regulator and industry governing body early on .......... 21 2.3. Ecosystem approach ........................................................................ 22 3. NEXT STEPS .......................................................................................... 22 ANNEXES ...................................................................................................... 23 ANNEX 1: DRAFT TERM SHEET AGREEMENT ..................................... 23 ANNEX 2: LIST OF PERTINENT BSP REGULATIONS ........................... 33 Cash Agent Network Specialist End of Contract Report ii Confidential 1. ACTIVITIES AND RESULTS The Interoperable/Shared Cash Agent Network Project (ISCANP) is one of the technical assistance initiatives of the USAID/E-PESO Project, which is intended to increase the financial access points in the country through a network of interoperable cash agents under the National Retail Payment System (NRPS) Policy Framework to complement bank branches and automated teller machines (ATMs). The project is anchored on the idea that increasing the number of transaction accounts can drive the shift to digital payments through the use of accounts for payment transactions. The Cash Agent Network Specialist played a role in providing technical support in the design and conduct of project activities, as summarized in the table below. List of Project Activities Activities Timeline 1) Attended individual stakeholder engagement sessions November 2019 2) Drafted workplan; prepared inputs/comments on the slides December 2019 of international consultant 3) Attended/participated in preparatory meetings/calls for the January 2020 workshop 4) Coordinated invitation and follow-ups with target workshop participants 5) Drafted/finalized pre-workshop survey questions 6) Sent out surveys; processed/consolidated results 7) Attended/participated in consultation meetings (Bancnet, January 2020 UBX, Security Bank) 8) Attended/facilitated the SCAN SuG Workshop Jan. 28, 2020 9) Prepared list of cash agent - related regulations based on Feb. 2020 inputs from BSP and other stakeholders 10) Prepared and sent workshop highlights for SUG members. Feb 2020 11) Prepared/edited draft term sheet agreement March-April 2020 12) Prepared and submitted End of Contract Report 1.1. Consultation Meetings Part of the initial steps of the project involved consultation meetings with the members of the start-up group (“SuG”), composed of select electronic money issuers (“EMI”) and banks. 1.1.1. ISCAN Meeting with Land Bank Date/Time Nov. 12, 2019 In Randy Montesa / Head of the Card and Electronic Banking Group / attendance [email protected]; 0998 9604863 Johann Bezuidenhoudt, Mert Tangonan, Vice Catudio, Dette Ramos, Cash Agent Network Specialist End of Contract Report 3 Confidential Jackie Dela Fuente, Jing Gusto, Liezl Basco Highlights Bank’s vision: By 2023, LANDBANK shall be the leading universal bank that promotes inclusive growth, especially in the unbanked and underserved areas, through the delivery of innovative financial products and services powered by digital banking platforms. In March 2019, got Management approval for the bank’s Inclusive Growth Roadmap targeting 534 unbanked municipalities. PHASE 1: Introduce agent banking powered by android-powered POS terminals and featuring agent banking cards; CICO; account opening; closed-loop Fund Transfer; enable prepaid card top-up through agents (Ongoing) Launched Agent Banking Program in compliance with BSP Circular 940. Account opening: prepaid card account powered by Mastercard, which is patterned after Basic Deposit Account Tech Partner: Tangent – provider of android-powered POS terminals Agent banking features/services: card availment (transactional account opening); perform onsite KYC including taking photo of client’s ID and signature; CICO; fund transfer/Padala; POS Cash-out via Bancnet; bills payment and card top-up (via Linkbiz Portal) Deployed 19 agents covering 15 unbanked municipalities, initially. Secured approval for 11 people to run agent banking unit. Fund Transfer via Linkbiz process: (1) Input 10-digit savings account no.; (2) Input 16-digit card no. Running on Mastercard rails Requires the agent to open an Agent Partner Corporate Wallet (virtual account). Pre-funded account. Phase 1 will be focused on account opening and agent onboarding. PHASE 2: Onboard partner aggregator outlets as bank agents; full blast on merchant acquiring together with mobile wallet; Run AFCS platform to enable cashless payment for transport; enable fund transfer to any account via Instapay (Target completion – June / Q2 of 2020). Onboard partner aggregator outlets as bank agents: Enable iPay (Aggregator) agents as Land Bank agent banking partners (some will do only cash-in; some cash-out; others, full-pledged – CICO and account opening; 7-11 maybe cash-in and account opening); also, convert qualified, old POS agents to full-pledged agent banking partners. Intend to enable 800 initially for 2020. Convert current Landbank POS agents who are able to meet the minimum guaranteed revenues into full-pledged agent banking partners. Convert
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