TRUEMONEY TEAMS UP WITH CEBU PEOPLE'S COOP

In the hopes of making money remittance easier to people living in remote areas, TrueMoney, the newest remittance player in the country, has tied up with Cebu People’s Multipurpose Cooperative (CPMC).

“The goal is to put one TrueMoneyCenter in each of the country’s more than 42,000 barangays and serve those who need a remittance network but have no bank accounts. For example, a farmer in a rural area with a wife working might not have two or more IDs and thus, is unable to open a bank account. TrueMoney will help him receive money from his wife and other relatives in the most convenient way,” explained TrueMoney in a statement released to the media.

And to meet that goal, TrueMoney signed a deal with CPMPC, a community-based savings and credit cooperative with over 55,000 members all over the country. 

“With its partnership with CPMPC, TrueMoney will strengthen its presence in Cebu and key focus areas of Visayas and Mindanao,” said TrueMoney’s head corporate sales Albert Antig, during the signing of a memorandum of agreement at Laguna Garden Café in Cebu last September 28.

“TrueMoney's partnership with CPMPC will transform the cooperatives' entrepreneurs to owners of TrueMoney Financial Centers to allow remittance, bills payment and telco and gaming load top-up,” he added.

"This partnership will help generate more business for TrueMoney. It will also help CPMPC remain true to its vision of bringing sustainable growth and development to the community," said Xavier Marzan, chief executive officer of TrueMoney Philippines.

"TrueMoney’s mission is to provide access to financial services, particularly to the unserved and the unbanked," he added.

"Unbanked” refers to individuals who do not have their own bank accounts and need to rely on alternative financial services for their financial needs, particularly sending and receiving remittances. TrueMoney helps these individuals under BangkoSentral ng Pilipinas regulations.

Through the TrueMoney-CPMC partnership, TrueMoney Centers can accept payments to CPMPC. Additionally, CPMPCwill pay out loans to its members through TrueMoney’sonline disbursement facility. This makes it easier for CPMPCmembers as they can now conveniently withdraw at ATMs via TrueMoney ATM cards and pay their dues without having to physically visit CPMPC offices.

Currently, TrueMoney Centers in the Philippines already provide convenient payments and financial services to provinces and far flung areas including Albay, Bataan, Benguet, Bohol, Bukidnon, Cagayan de Oro, Camarines Sur, Cavite, Cebu, Davao, Ilocos, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Rizal, Tarlac, and Zambales and more.