Three years after it launched its flagship product, Cebuana Lhuillier Micro Savings, Cebuana Lhuillier Bank has reported that more than six million Filipinos have opened an account with it.
This development signifies that more and more Filipinos are now on their way to financial inclusion with the help of CLB, the banking arm of Cebuana Lhuillier, the Philippines’ micro financial services champion.
“We are happy about this milestone. This is a win not just for Cebuana Lhuillier Bank but for all Filipinos who decided to take their first step to financial wellness. Rest assured that our kababayans can rely on our products and services as they progress in their financial journey,” PJ Lhuillier Inc. President & CEO Cebuana Lhuillier Bank Vice Chairman Jean Henri Lhuillier, said. PJLI is the parent company of Cebuana Lhuillier Bank and its cash agent partner, Cebuana Lhuillier.
Cebuana Lhuillier Micro Savings aims to encourage Filipinos to save by eliminating the barriers to saving money, which includes the lack of accessibility, the need for numerous documentary requirements, and the high cost of starting and maintaining an account.
With Micro Savings, clients can now open their accounts with only one valid ID and a minimal P50 initial deposit. Accountholders can deposit and withdraw anywhere at their most convenient time with Cebuana Lhuillier’s network of more than 3,000 branches nationwide.
Micro Savings accountholders can also withdraw cash anytime, anywhere in over 21,000+ BancNet ATMs nationwide, purchase online thru UnionPay merchants worldwide, enjoy 24/7 unlimited banking access with the eCebuana app, and make cashless payments in over 350,000 UnionPay and BancNet accredited stores nationwide.
“Filipinos already know how to save money, so we have to give them options on where they can safely put them – that’s our vision for Micro Savings. We empower Filipinos to save up for their future and, at the same time, give them a secured, convenient, and accessible means to place their funds,” added CLB president Dennis Valdes.
During the pandemic, CLB launched eCebuana, its mobile banking app, to further reach the unbanked and underbanked sectors. eCebuana allows its clients to access the bank’s services within and outside Cebuana Lhuillier’s financial ecosystem. CLB also expanded its network, opening its first branch in Barangay Kamputhaw in Cebu City last July.