The Department of Agriculture tapped PayMaya for faster and more convenient digital loan disbursements for its Kapital Access for Young Agripreneurs (KAYA) Program.
Through the partnership, PayMaya will enable the Department of Agriculture-Agricultural Credit Policy Council’s partner lending conduits for the KAYA Program to digitally disburse loans direct to the PayMaya accounts of borrowers. Program beneficiaries will also be provided with KAYA prepaid cards that can be linked to their PayMaya accounts.
Under the KAYA Program, start-up or existing agri-based projects of young entrepreneurs and agri-fishery graduates aged 18-30 years old can apply for up to P500,000 payable up to five years at 0% interest with not more than 3.5% management fee.
“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects,” said DA Secretary William Dar during the virtual launching of the KAYA digital card on July 6, 2020.
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“As our lockdown experience has shown, we need to further explore the cyberspace and take our digitalization efforts to the next level as part of the new normal,” added the DA Secretary.
“We are hopeful that our young agripreneurs empowered by this partnership will pave the way for the continued evolution of the Philippines’ agriculture sector. We are committed to continue enabling government, the economy, and the whole society with CASHLESS and DIGITAL solutions on the road to recovery and onward post-crisis.” said PayMaya Founder and CEO Orlando Vea.
On top of being able to conveniently receive their loans directly to their PayMaya accounts, KAYA loan beneficiaries, can enjoy the many benefits of having a PayMaya account and card that allows them to make online and in-store payments, pay bills, buy load, send money, and withdraw funds, among other financial services which will allow them to continue to transact safely and conveniently even in the face of pandemic-related restrictions such as physical distancing.
“This is just the beginning as we are setting our sights on integrating this technology solution to other credit programs in the near future,” said ACPC Executive Director Jocelyn Alma Badiola.
The initiative is supported by the Development Bank of the Philippines (DBP) and DA’s partner lending conduits such as Mindanao Consolidated Cooperative Bank, Rural Bank of Rizal, Rural Bank of Manolo Fortich, and New San Leonardo Rural Bank.
The initiative is a milestone for the DA with ACPC the first of its agencies to utilize digital financial services technologies. The partnership is also part of PayMaya’s growing support to the agriculture sector. Previously, PayMaya has partnered with DBP to digitize the loan disbursement processes of farmer cooperatives in Isabela province.
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