As of 2019, only around 29% of the Filipino adults own bank accounts, with the majority of the unbanked being in the most vulnerable sectors. In a survey conducted by the Bangko Sentral ng Pilipinas (BSP), findings showed that most Filipinos had little to no knowledge of most financial services, and stated that lack of awareness is a contributing factor to availing of these services. Standard & Poor (S&OP) conducted a survey in 2016 and found that only 25% of Filipinos are financially literate. On the road to reducing poverty, financial inclusion, and therefore financial literacy, plays a key role. Financial literacy allows citizens to become empowered and take control of their finances. The current pandemic and subsequent natural disasters only highlighted the need for increased awareness of financial services and how to use them.

There have been initiatives done by both government institutions and non-governmental organizations to improve financial literacy in the country. BSP currently has various initiatives to increase financial inclusion, including a digital literacy program and financial education for MSMEs. However, in order to effectively work towards greater financial inclusion and literacy in the country, the participation of more stakeholders and key ecosystem players is needed.

Not limited to tech solutions

• Solutions may or may not be tech solutions. It can be campaigns, initiatives, or projects so long as it meets the criteria and solves the challenge.

People-centered

• Addresses a particular pain point of an identified group/underserved sector
• User-friendly (should be easy enough to be utilized by said target group)

Creativity and Innovation

• A unique and novel approach to the address the problem of financial literacy