Leading microfinancial service provider Cebuana Lhuillier has launched a new microsavings product which provides Filipinos with a more convenient and affordable means to save their hard-earned money.
Cebuana Lhuillier Micro Savings through the Cebuana Lhuillier Rural Bank (CLRB) is the company’s platform for Filipinos to overcome the barriers to saving, as majority of Filipinos opt to keep their savings at home.
“We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life,” said Jean Henri Lhuillier, President and Chief Executive Officer of Cebuana Lhuillier.
According to Bangko Sentral ng Pilipinas (BSP) study, the lack of access to banks among the country’s many cities and municipalities remains as the top deterrent. Thirty-three percent or 551 cities in the Philippines have access to banking institutions.
Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal P50 initial deposit through its wide network of branches comprised of 2,500 retail infrastructure.
“The product is in line with the Cebuana Lhuillier’s mission of financial inclusion, which has been the thrust of the company for the past 30 years,” explained Lhuillier.
Cebuana Lhuillier is also launching eCebuana app which allows users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills by integrating it to their accounts.
The app is just the first step in a long line of innovations connected to the micro savings product—on top of which is its migration to an EMV-enabled card that can be accessed through ATMs.