Despite widespread smartphone use and the rapid rise of digital finance, millions of Filipinos remain without a bank account. New data from Inquiro shows that key obstacles, such as a lack of documentation and awareness, continue to prevent many from fully participating in the formal financial system.
The good news is that digital innovation and fintech solutions provide powerful pathways to inclusion, provided institutions know where and how to reach the unbanked. With the right strategies and user-friendly platforms, fintech can bridge long-standing financial gaps and bring more Filipinos into the fold.
Why Are Millions Still Unbanked?
While digital finance has surged in recent years, traditional banking still leaves many Filipinos behind. Inquiro’s research found that formal bank account ownership boosted from 12% in 2019 to 23% in 2021, while e-money usage rose from 8% to 36%. However, access is not the problem—87% of unbanked individuals have mobile phones, and 79% have internet access.
The real issues lie in perceived and practical barriers: 40% cite excessive documentary requirements, and 22% say they do not know how to open an account. Meanwhile, 22% believe they do not need one.
In rural regions like the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), infrastructure and digital literacy challenges further complicate inclusion. It has the lowest percentage of banked individuals in the country, with only 65% holding accounts with major institutions. Meanwhile, 22% rely on rural and cooperative banks.
Meanwhile, in Metro Manila, most accounts (87%) are with larger banks, reflecting broader access to infrastructure and financial services.
Fintech as a Bridge to Financial Inclusion
Financial technology has emerged as a key enabler of inclusive finance because it offers low-barrier alternatives to traditional banks. Through e-wallets and app-based banking, fintech providers allow users to bank digitally with fewer ID requirements and via an online application. These platforms are already integrated into how Filipinos manage money, from paying bills to sending remittances.
Inquiro’s data also shows that 87% of unbanked users’ mobile data goes to social media and 90% on messaging apps—ideal channels for fintech outreach. These platforms offer direct, familiar touchpoints that can simplify onboarding and build trust with first-time users. In short, fintech helping unbanked Filipinos is essential for achieving inclusive financial progress.
A Smarter, Data-Driven Path Forward
To unlock real financial inclusion, banks and fintechs must look beyond infrastructure and focus on strategy. Inquiro recommends using behavioral data and tools to identify financially trustworthy users and those without formal credit histories. Targeted campaigns in high-unbanked regions via social media and messaging apps can significantly boost user onboarding and build trust.
The future of finance in the Philippines lies in accessibility, digital trust, and relevant outreach. As fintech continues to evolve, empowering unbanked Filipinos is no longer a corporate initiative—it’s a national opportunity that calls for action, collaboration, and purpose.
About Inquiro
Inquiro is a data-driven solutions provider focused on bringing organizations quick and actionable insights designed to create exciting value for their companies. Inquiro seeks to impart businesses with a deeper understanding of the Filipino consumer by leveraging unparalleled access to rich omni-channel data and providing organizations of all sizes with the right insights that create an impact.
Inquiro, alongside AdSpark, Inc., and M360, is part of AdSpark Holdings, Inc., a company that champions its expertise in adtech and data capabilities under 917Ventures.