GCash empowers MSMEs with Wais Tindera Caravan

Editor’s note: This content is sponsored by GCash and was produced by BrandRap, the sales and marketing arm of Rappler. No member of the news and editorial team participated in the production of this piece.

Just a stone’s throw away from the Muntinlupa City Museum, more than a hundred storeowners and aspiring entrepreneurs gathered under La Guerta court. The crowd, clutching fans and GCash-branded bags, came for the leading fintech superapp’s Wais Tindera Caravan. In one booth, they choose which purpose of loans would best serve their business. In another, they learn the tell-tale signs of scammers and beat them in a mini-game.

The caravan is an initiative of GCash to empower micro, small, and medium enterprises (MSMEs) through financial literacy. With its stop in Muntinlupa, “Munti-preneurs” expanded their knowledge about budgeting, saving, borrowing, and cybersecurity through the aid of Hapinoy, a social enterprise that supports microentrepreneurs through training, access to micro-financing, and business opportunities.

While the Munti-preneurs are no stranger to GCash, using it in everyday transactions, buying load, and paying bills through the app, the caravan educated them on how to future-proof their businesses by upping their operations and preparing for digitalization. 

Lean Purawan, head of training at Hapinoy, gave a course on how to get business finances in order. He broke it down into distinct steps: K for kilalanin at alagaan ang suki (get to know and take care of your regulars), I for ingatan ang transaksyon (protect your transactions), T for tamang tools sa tindahan (the right tools for your store), and A for alerto sa tindahan (be wary and alert against scammers). 

And with this framework in mind, they also got into the nitty-gritty of what all these mean for business owners. 

The best way to save is to start

For business-owners that make just enough to get by day to day, saving money may not be the priority, chalking it up to reasons such as poor sales, lack of planning, and wasteful spending. 

Purawan emphasized a point that Munti-preneurs need to keep in mind: savings can be kick-started with the correct mindset, strategy, and discipline. 

What’s important is developing consistency, even with small, irregular amounts, starting with GCash’s GSave feature, or something as simple as a coin bank at home, or the more traditional routes of banks and government-endorsed savings: MP2 (Pag-IBIG Modified Pag-IBIG II) and WISP Plus (SSS Workers’ Investment and Savings Program Plus). 

And with planning how to save also comes understanding its place in a budget.

Budgeting is more than making ends meet

In the rhythm of everyday operations, money also flows out as quickly as it comes in. This is where budgeting comes in handy: it traces easily where the money is going. And GCash’s ecosystem provides for every need. GSave allows multiple goals for setting money aside within the wallet; bills can be automated to save time and avoid penalties; and everything is recorded in the transaction history. 

When every peso is accounted for, it’s easier to identify financial goals and set aside emergency funds that can be a cushion when business is taking a setback. A realistic budget clarifies the line between wants and needs, helping storeowners avoid unnecessary loans. 

Not all loans, though, are bad for business. In fact, taking loans can be an opportunity for growth.

Credit for propelling growth

Hesitance on taking loans, especially from formal lenders, is understandable because it’s so easy to lose control and become dependent on borrowed money. However, when done responsibly and wisely, it can unlock opportunities for a business. 

Well-planned loans can increase capital, improve budgeting flexibility, or fund inventory that drives revenue. GCredit can serve as backup for unexpected and urgent expenses, while GGives provides installment options when the purchase is too big for an upfront expense. 

“Access to capital remains one of the biggest barriers for small business owners, with traditional formal lenders requiring collateral and informal lenders charging high interest. Through FUSE, the lending arm of GCash, members of GCash Pera outlet can access collateral-free loans up to P350,000,” explained CJ Alegre, GCash head of sustainability. 

Moreover, GCash for Business also provides storeowners with digital tools that track sales and manage transactions, easing their transition into the digital economy. 

This is also where the importance of knowing how to stay safe when transacting online comes in.

Online safety and security

We’re all vulnerable to scams, and storeowners are not an exception. A crucial segment of the caravan focused on scammers who can prey on their earnings. The most common scams include: 

• Phishing: Deceptive tactics where scammers impersonate legitimate establishments to steal information 
• Investment scams: Schemes that promise to grow money exponentially in a short time
• Fake selling: Fraudulent transactions where scammers pose as legitimate merchants to trick buyers into paying for products they will never receive. 
  

Taking these into account, GCash employs security features such as face scanning to ensure safe log-in and sending one-time passwords (OTP) in the app instead of SMS to avoid phishing. Having a partner like GCash that can safeguard earnings is most important in staying on top of a business.

The Wais Tindera Caravan impact

As a community, Munti-preneurs are tight-knit and supportive of each other. While storeowners are sharp and practical in running their daily operations, GCash has observed that 50% of MSMEs close down every 5 years because of the challenges they face. 

“Through the Wais Tindera Financial Literacy Program, we equip nano and micro entrepreneurs with practical skills to start, manage, and grow their businesses. And we introduce digital tools like GCash to help them run operations more efficiently and safely,” said Alegre. 

A participant said that the caravan strengthened their knowledge: “Unang-una, naging wais kami na hindi po pala madaling ma-iscam, natuto kami kung pano [ang gawi ng] mga scammer. Maraming natutunan kanina doon lalo sa pagba-budget na hindi basta-basta.” 

(We became confident that it can be difficult for us to get scammed because we learned about the tactics of scammers. We also learned about budgeting and that it should not be taken for granted.)

Muntinlupa Vice Mayor Stephanie Teves-Wong lauded the caravan for guiding Munti-preneurs. “Ito po ay isang napakagandang programa para sa ating mga small, medium entrepreneurs dito sa Muntinlupa.” 

(This is a wonderful program for our small and medium entrepreneurs here in Muntinlupa.) 

Empowered by GCash, Munti-preneurs are now more confident in handling cash flow and growing their money. With the lessons from the caravan in hand, they also came out better-informed and have a reliable partner to help them adapt their storefronts into thriving businesses. – Rappler.com