Cebuana Lhuillier Launches Its Micro Savings Platform
According to the Bangko Sentral ng Pilipinas (BSP) only 48% of Filipinos save and only 33% of the Philippine land area is covered by banking institutions. That is only about 551 municipalities and cities in the whole country. Seven out of ten Filipinos who save keeps their money at home in piggy banks or some sort. Some reasons why Filipinos don’t open a bank account are some banks has a high initial deposit, high maintaining balance, dormancy exchange, numerous requirements and distance of banks from their home.
One of the country’s leading micro-financial services company, Cebuana Lhuillier unveiled the Cebuana Lhuillier Micro Savings, which will provide Filipinos with a more convenient and affordable means to save their hard-earned money. It is Cebuana Lhuillier response to BSP’s call for financial inclusion.
Cebuana Lhuillier Micro Savings is an interest-bearing savings product owned by Cebuana Lhuillier Rural Bank (CLRB). It is a savings account that allows clients to save up to Php 50,000 which can be accessed through the 24k card. Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal Php 50 initial deposit. And because of Cebuana Lhuillier’s wide network of branches comprised of 2,500 retail infrastructures, account holders can deposit and withdraw anywhere at their most convenient hours.
Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier said “With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. We’ve come full circle – from offering collateralize loans or pawning, remittance service, micro insurance and now, micro savings – all these products were designed with Filipinos from all walks of life in mind especially the unbaked and undeserved, who would not have access to these financial services given their circumstances in life.
Cebuana Lhuillier will also be launching its very own eCebuana app which allows micro savings user 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 Cebuana Lhuillier Micro Savings account.
This 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 which can be accesses through ATMs (automated teller machines). It will also carry a debit and credit facility for online and cashless shopping, provide access to auxiliary services and help corporate and MSME (micro, small and medium enterprise) clients manage their business through payroll cash management solutions.
“Cebuana Lhuillier is also adapting a new philiosophy, which is financial wellness. Our goal is not just to provide quick cash to the underbanked and unbanked for their short-term financial needs but to become an enabler for a better future for them. Allowing more and more Filipinos to steer their own direction and be captains of their own ship. We want to help them graduate from being dependent through bridge financing options for them to experience financial freedom”, Jean Henri Lhuillier said.