Over three million previously unbanked Filipinos now have access to banking through Cebuana Lhuillier Micro Savings
posted January 07, 2020 at 05:18 pm
According to the 2017 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP), 52.8 million or 77.4 percent of the total population remain unbanked. With these figures, the BSP is continuously working towards a future where Filipinos are financially-included.
Complementing BSP’s various efforts, the Cebuana Lhuillier Rural Bank launched the #KayaNa: Unbanked Filipinos No More Movement in concurrence with the Cebuana Lhuillier Micro Savings product. In just 10 months, they have encouraged three million previously unbanked Filipinos to open their very own micro savings account.
“There are three million previously unbanked Filipinos who are now captains of their own ship, navigating their way towards financial wellness. I am excited for the continued push for financial inclusion and the role that Cebuana Lhuillier Rural Bank can play in this unfolding mission,” said Jean Henri Lhuillier, Cebuana Lhuillier president and CEO.
Tapping Cebuana Lhuillier as its cash agent, the rural bank is committed to heed BSP’s call for financial inclusion through its Cebuana Lhuillier Micro Savings, an interest-bearing basic savings product that allows clients to save up to P50,000 using the company’s 24k Cebuana Lhuillier loyalty card.
“From the start, this has been our goal and I am happy of our market’s positive response to Cebuana Lhuillier Micro Savings. This only proves that Filipinos need only the right financial tools and opportunities to be on their way to financial wellness,” said Dennis Valdes, Cebuana Lhuillier Rural Bank president.
Using BSP’s Basic Deposit Framework circular as a guide, Cebuana Lhuillier Rural Bank has simplified the process of opening a savings account by requiring only one valid ID and a P50 initial deposit. The micro savings account can be accessed in any of Cebuana Lhuillier’s 2,500 branches nationwide.
Guided by its mission to convert Filipinos into instant Iponaryos, Cebuana Lhuillier also set out to conduct year-round financial wellness cascades nationwide, led by its 8,000-strong workforce.
To date, more than 500 Iponaryo cascades have been conducted in various parts of the Philippines, with over 100,000 attendees and counting from various communities, schools, and universities, government agencies and NGOs, and other organizations.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.