SIDECO in Forefront of Co-op Digitalization

NAGA CITY – San Isidro Development Cooperative (SIDECO) is in the forefront in the digitalization of co-ops as it has launched KAYA ATMs in two of its branches and also offers Kaya Payment System that enables mobile transactions anytime, anywhere in all its branches.

SIDECO’s KAYA ATM is the second one in the town.  Prior to the opening of the ATMs, Ragay residents had to commute 30 minutes to the next town of Sipocot to transact.  Another alternative ATM is about 45 minutes away in Tagkawayan town, in the neighboring province of Quezon.

Staff of San Isidro Development Cooperative (SIDECO) underwent  training in the use of ATM KAYA ATMs and eKoopBanker Plus in August.

KAYA ATMs provide 24/7 transactions in the Naga and Ragay  branches of SIDECO.  Transactions that can be performed by KAYA ATMs include withdrawals, balance check, deposits, money transfers and bills payment. 

For inter-branch operating capability, SIDECO has also adopted NATCCO’s premier financial software – eKoopBanker Plus.

The branches of SIDECO operating with eKoopBenker Plus software are SIDECO Central (in Naga City) Ligao MICOOP, Ragay MICOOP, Goa, Calabanga, Polangui Satellite Office, and the SIDECO Agri Business Center also in Naga City.

MICOOP stands for Microfinance Innovations in Cooperatives.  It is a program of the NATCCO that offers both technical and financial assistance for co-ops (see related article).  

Financial assistance comprises capital infusion.  Technical assistance comprises training management and staff in all aspects co-op operations, and technology such as financial software eKoopBanker, KAYA ATMs for 24/7 transactions, and Kaya Payment Platform that enables members to transact using their cellphones anytime, anywhere.

This is in line with the Bangko Sentral ng Pilipinas’ (BSP) thrust toward Financial Inclusion, which endeavors for every Filipino to have access to avail of financial services from formal financial institutions.

SIDECO is one of the biggest co-ops in the Bicol Region and its Ragay Branch has about 600 members.  But Nancy Lopez expects more membership as a result of the ATM, and other products offered.

SIDECO Ragay branch opened in 2007.  In 2015, it functioned as CCT conduit to beneficiaries in the town.