Reducing online transaction costs is insufficient on its own to draw more Filipinos into the formal banking ecosystem, Senator Erwin Tulfo stated on Thursday, highlighting burdensome account setup requirements, unreliable internet infrastructure, and security fears as major obstacles.
The lawmaker urged commercial banks, e-wallet platforms, financial technology firms, telecom operators, and regulatory agencies to streamline services so they are “easy to enter, easy to understand, and easy to use,” especially for individuals opening their first accounts.
“Lower or even zero fees can certainly help encourage digital transactions, but they are only one part of the bigger picture,” Tulfo said in a statement.
He emphasized that fostering user confidence requires robust protections against fraud, clear fee structures, efficient customer support, and direct channels for resolving consumer grievances.
As the Bangko Sentral ng Pilipinas (BSP) pushes to broaden digital payment systems and core banking options, Tulfo urged parallel progress in boosting financial and digital literacy alongside nationwide internet reliability.
“People will not embrace digital finance if they believe their money or personal information is unsafe,” he said.
Furthermore, the senator pointed out that meaningful financial inclusion must be measured beyond the volume of newly registered accounts.
True success relies on whether ordinary citizens actively use these tools to build savings, conduct transfers, access formal credit, and organize their personal finances.
“If we can create a financial ecosystem with zero unnecessary barriers, not necessarily zero fees, we can bring digital finance closer to the people who need it most,” he said.