Skyro points to weak ID system as barrier to financial inclusion

Skyro emphasizes the need for stronger identification systems to overcome a major obstacle in advancing financial inclusion in the Philippines.

Pavel Schamberger, Skyro's Head of Data and Business Development, highlighted that fragmented national and local IDs, coupled with a large unbanked population lacking digital footprints, complicate customer trust and identity verification.

Although over 92 million Filipinos have registered for the National ID, around 36 million are still waiting for their physical cards, and millions more lack any form of basic identification.

Schamberger stated that robust identity verification is crucial for fast and secure onboarding, enabling more Filipinos to access financial services like loans.

He believes that establishing trust through reliable identification is fundamental to unlocking financial inclusion for a larger segment of the population.