RACONTEURPH

Cebuana Lhuillier launches Micro Savings to bridge gap

Cebuana Lhuillier recently unveiled a new platform that will help many Filipinos overcome the barriers toward financial inclusion and financial freedom. The newly-introduced Cebuana Lhuillier Micro Savings is a more affordable and convenient means that allows account holders to save money.

In a study shared by the Bangko Sentral ng Pilipinas (BSP) during the launch of the Cebuana Lhuillier Micro Savings themed “#KayaNa: Unbanked Filipinos No More Movement,” it was revealed that only 33% or 553 out of 1,634 cities and municipalities in the Philippines have access to banking institutions.

Worsening the situation is that, whether these facilities are present or absent, many Filipinos remain unbanked because of the factors associated with opening a savings account such as numerous documentary requirements and high cost of initial deposit, maintaining balance, and dormancy charges.

With the Cebuana Lhuillier Micro Savings, opening an account is simpler and more affordable. The process requires only one valid ID and a minimal PhP 50 initial deposit. In addition, Cebuana Lhuillier has a wide network of branches comprised of 2,500 retail infrastructures where account holders can deposit and withdraw anywhere at their most convenient hours.

“With BSP’ basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind,” said Jean Henri Lhuillier, CEO and president of Cebuana Lhuillier.

“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.”

Making sure that account holders can fully maximize Cebuana Lhuillier Micro Savings, the company will also be rolling out its eCebuana app, allowing for convenient balance inquiry, remittance, prepaid credit load, and bills payment on a mobile device.

In addition, Cebuana Lhuillier will introduce an EMV-enabled, ATM-accessible card which will carry a debit and credit facility for online and cashless shopping, and provide MSME (micro, small, and medium enterprises) clients with auxiliary services for payroll cash management.

Cebuana Lhuillier Micro Savings will also progress to have features such as remit-to-and-from savings account; pay and deposit from savings account; and international remit-to-account for the convenience of overseas Filipinos who want to send money to their families in the Philippines. The new service will provide clients with a safe and convenient access to their account in all Cebuana Lhuillier branches, Cebuana CARES, agent partners, online and mobile channels, and Cebuana Lhuillier Rural Bank (CLRB) nationwide.

The launch of Cebuana Lhuillier Micro Savings is also aligned with the company’s vision on financial wellness, apart from financial inclusion. “Cebuana Lhuilier is also adapting a new philosophy, 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.