Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure
The Central Bank of the Philippines announced new powers for micro-banking offices in the country today (January 5), as part of its ongoing efforts to boost financial inclusion.
Micro-banking offices, which provide a limited range of banking activities and services, can now open deposit accounts for members of the general public for the first time.
While they were previously able to conduct the customer identification process, the approval for, and opening of, a deposit account could only be
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