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Updated: 2018-07-24 12:29:58

Poor people lack access to mobile banking

Participants discussed the benefits of mobile banking for the poor and women in Vietnam. - VNS Photo Vu Hoa

A large number of poor people and women in Vietnam have not accessed mobile banking.

Statistics from the World Bank showed that only 8 per cent of adults in Vietnam use mobile phones to access their bank accounts compared to 40 per cent in China, 33 per cent in Malaysia and 17 per cent in Thailand. In addition, many poor people in Vietnam have not accessed mobile banking services.

Pham Xuan Hoe, deputy director of the Banking Strategy Institute under the State Bank of Vietnam, said poor people faced two big difficulties in accessing and using financial products and services.

 "Firstly, the financial channels for people in remote and mountainous areas have been limited. In addition, the products and services of the financial institutions have not been simple and suitable for them, "Hoe said.

Kieu Hamlet in Hanoi's Gia Lam District has 39 households borrowing loans under Vietnam Bank for Social Policies (VBSP) credit programs. Most of them are women using the loans to invest in gold-laminating crafts and leather making.

The houses regularly get updates on the loans, such as deadlines and deadlines payment through texts on their mobiles. No one faces overdue debt thanks to the mobile banking service, despite the total outstanding loans of VND1.5 billion (US $ 64,937).

Vu Thi Thanh Huyen from Kieu Gia Hamlet said the households received the loan to the VBSP's mobile banking project. Banks did not have to meet them to remind them about their debts.

Luu Thi Thao, deputy director of VBSP's Center for Information and Technology, said the bank would continue to pilot mobile banking services with more than 30,000 borrowers to help poor people access their services.

With more than 130 million mobile phone subscribers nationwide, the use of VBSP's mobile banking would contribute to the overall national financial strategy. The central bank is building the strategy and will submit it to the government for approval by the end of this year, "said Thao.

She also said the strategy would provide favorable conditions for adults and businesses to access and at a reasonable cost.

The State Bank of Vietnam is building a national overall financial strategy which values ​​digital technology of banks and credit institutions. The ultimate goal is to popularize access and use of financial products and services, especially to poor people.

"SMS services would be an effective tool to help poor households get acquainted with digital technologies. It would also help banks diversify their products and services, "added Thao.

She said the SMS service had affected customers' awareness and responsibility in debt payments and saving accounts.

According to the VBSP, the SMS service provided to its 856,608 customers in 10 localities helps them save more than VND42.8 billion. The service costs the bank VND250 per SMS, thus reducing their operation costs by 12 times.

The bank has provided SMS to mobile phones to its customers in 63 cities and provinces nationwide since 2016. It has sent more than 6.9 million SMSs to customers.

The workshop was under the co-operation of the VBSP, Mastercard and the Asian Foundation with the support of the Australian government to increase access to a full range of financial services for low-income households, especially women-led micro-enterprises.

Vietnam News



Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year


Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year


Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year