Back to all articles
News

BSP: Banking should be more accessible through cheaper digital transfers

Sep 5, 2026 · 2 min readBy KasKasan Buddies

The BSP says lower digital transfer fees could encourage financial inclusion, while other barriers such as connectivity, maintaining balances, and financial literacy also need to be addressed.

  • Lower or even zero fees for digital money transfers could encourage more Filipinos to use formal financial services, but the Bangko Sentral ng Pilipinas (BSP) says cheaper transactions are only one part of the country's financial inclusion problem.
  • The central bank defended its push for banks to reduce electronic fund transfer fees, saying cost remains one of the reasons some Filipinos avoid digital payments. Lower charges could make everyday transfers more affordable and encourage people to use digital payments more regularly.
  • Digital payments can become a gateway to other formal financial services, including savings, credit, investments, and insurance.

The BSP says lower digital transfer fees could encourage financial inclusion, while other barriers such as connectivity, maintaining balances, and financial literacy also need to be addressed.

  • Lower or even zero fees for digital money transfers could encourage more Filipinos to use formal financial services, but the Bangko Sentral ng Pilipinas (BSP) says cheaper transactions are only one part of the country's financial inclusion problem.
  • The central bank defended its push for banks to reduce electronic fund transfer fees, saying cost remains one of the reasons some Filipinos avoid digital payments. Lower charges could make everyday transfers more affordable and encourage people to use digital payments more regularly.
  • Digital payments can become a gateway to other formal financial services, including savings, credit, investments, and insurance.

Lower or even zero fees for digital money transfers could encourage more Filipinos to use formal financial services, but the Bangko Sentral ng Pilipinas (BSP) says cheaper transactions are only one part of the country's financial inclusion problem.

The central bank defended its push for banks to reduce electronic fund transfer fees, saying cost remains one of the reasons some Filipinos avoid digital payments. Lower charges could make everyday transfers more affordable and encourage people to use digital payments more regularly.

Digital payments can become a gateway to other formal financial services, including savings, credit, investments, and insurance.

But the BSP also pointed to other barriers that can keep Filipinos outside the formal financial system, including maintaining-balance requirements, poor connectivity, limited access points, lack of financial and digital literacy, and concerns about security and trust.

One way the central bank is addressing the cost of opening and maintaining an account is through Basic Deposit Accounts, which require an opening amount of no more than ₱100 and come with no maintaining balance or dormancy charges.

The BSP is also promoting interoperable QR payments and initiatives such as Paleng-QR Ph Plus, which allow community merchants such as market vendors and tricycle drivers to accept digital payments.

Cheaper and easier financial services should help Filipinos save, manage daily expenses, access credit and insurance, and stay financially resilient when emergencies hit.