In a statement on Tuesday, its CEO Damarillo said the new funds are targeted to"closing the financial inclusion gap for the underserved individuals and communities in emerging nations worldwide.
"Financial inclusion in the Philippines remained low, with only 51% of Filipinos aged 15 and above having a transaction account with a financial institution, the World Bank previously said.This marks the second partnership between Chemonics, a sustainable development firm, and Damarillo after their team-up in 2020 for the E-PESO program. It was funded by the US Agency for International Development to expand the adoption of e-payments nationwide.
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