Cebuana Lhuillier, one of the leading micro-financial institutions, expanded to banking services.
PJ Lhullier Inc. president and chief executive Jean Henri Lhuillier said the company aimed to convert all 10.4 million Cebuana clients to bank customers, through the Cebuana Lhullier Rural Bank’s microsavings platform.
“Our goal is to get at least 10 million of the unbanked in two to three years,” he said in a forum Thursday at the New World Hotel. Cebuana Lhuillier has 24 million clients nationwide.
Lhuillier said the lack of access to banking services was a major economic deterrent.
A client can open a Cebuana Lhuillier Micro Savings account using one valid ID and a minimal P50 initial deposit. Each active account earns 0.3 percent interest for a minimum of P500 savings.