The e’Nay mobile app was launched Monday to help sari-sari store owners in their business.

BPI’S microfinance arm BanKo and Innovaris partnered to create the app which would link store sellers with supermarkets, delivery services, and the bank all in one app.

At its launch event in Makati, BPI President and CEO Jose Teodoro Limcaoco said the app is mostly targeting mothers who manage sari-sari stores. He said with the app, store owners would just need to choose what items they want to purchase in the supermarket and it will be delivered to them. Payment is also done online as the app is connected to their bank account.

“By empowering these micro entrepreneurs with the necessary financial tools, we aim to make a positive impact on their lives and ultimately by doing this, we’re able to contribute to the overall economic prosperity of our country,” said Limcaoco.

Joey Mendoza, founder and Chairman of Innovaris, said items will be delivered within the day if ordered in the morning.

BanKo and Innovaris partnered with a supermarket chain which has over 30 branches nationwide and delivery can be done within an 8 kilometers radius of the supermarket. They are eyeing more supermarket partners to allow for delivery in more far flung areas.

Bangko Sentral ng Pilipinas Gov. Felipe Medalla welcomed the bank’s initiative to further entice Filipinos to join the formal financial sector. The BSP earlier said that in 2021, only 23% of adult Filipinos have a bank account, and 36% have an e-wallet account.

“Medyo intimidated siya pumasok ng bangko. Can you imagine that same person will prepare an income statement,” said Medalla of ordinary Filipinos who are afraid of entering banks. He added that “digitalization actually makes all of that easier.”

Medalla hopes more small business owners join the formal financial system, including vendors and small shop owners. This will prevent them from getting money or loans from illegitimate or even dangerous sources. He says this can also help them earn more through deposits or investments. Medalla said having electronic accounts will also create a financial trail which will help banks and lenders better assess the credit worthiness of individuals.

The new e’Nay app is available for download and soon it will offer a loan and credit system. BanKo targets around 70,000 users this year and 100,000 one year from now.