Azimo announced a complete overhaul of money transfer services to the Philippines, with a instant service via bank transfer. BDO Remit, the remittance service of the Philippines’ largest bank BDO Unibank, handles all Azimo transfers to the country. This new service now enables Azimo’s vast user-base to have immediate access to money sent. Transfers are instant via Credit to BDO Kabayan Savings and other BDO Unibank accounts; and 1 hour to accounts with other banks in the Philippines.
The Philippines is estimated to have a population of over 100 million and an overall GDP of almost $300bn. But due to the increasing trend of migrant workers leaving the country in order to find work abroad to support their loved ones, the population is in steady decline, with close to 3 million Filipinos now living abroad. According to data from the World Bank, Filipinos sent $28.5 billion in personal remittances, making up just over a tenth of the nation’s GDP.
“The population of the Philippines is in decline year on year with a huge and vibrant diaspora moving away from home in search of a way to support their families.” Said Azimo’s CEO, Michael Kent. “With traditional providers their loved ones would have to wait several days to get much needed support, which, in the case of an emergency or with a bill to pay, is just not good enough. We’re really pleased to be able to offer them a better, faster way to send and receive money that fits their needs”.
This newly refreshed service from Azimo is also infinitely cheaper when compared with traditional services, due to Azimo’s innovative path to transfer, cutting out middle-men and passing on savings directly to the user.
Along with instant bank transfers, Azimo enables Cash Pick-up through more than 8,000 BDO Remit Cash Pick-up locations in the Philippines including SM locations, M. Lhuillier and Cebuana Lhuilier outlets and other rural bank, and pawnshop partners.
