There is no more valid excuse for any Filipino not to open and maintain a savings account. Cebuana Lhuillier, one of the leading microfinancial services firms in the Philippines, has just made banking easier, more convenient, and cheaper for Filipinos!
Cebuana Lhuillier branches are now acting as cash agent of the Cebuana Lhuillier Rural Bank (CLRB), facilitating the emergence of innovative microsavings across the country. Through the wide network of locations, Cebuana Lhuillier Micro Savings now enables each Filipino to break through all the common barriers that prevent them from owning a bank account.
First, anyone can now open a savings account through Cebuana Lhuillier Micro Savings for just P50 as initial deposit, which breaks free from the usual traditional bank requirement of about P3,000 to P10,000. Furthermore, an individual could open an account by just presenting a single valid ID—less stringent than the usual bank practice of requiring numerous identification documents.
The 24k card
Every depositor will be given a 24k card, which serves as his/her automated teller machine (ATM) card. It is the main requirement for any transaction for the micro savings account.
Maximum cash deposit is P50,000. Minimum amount for withdrawal is P100 and maximum of P5,000. Three successful transactions are allowed per day for each card. Unlike regular bank accounts, the Cebuana Lhuillier Micro Savings account does not require any maintaining balance. Interest is also earned annually if the account generates an average daily balance of at least P500.
Moreover, banking hours is just made more convenient, thanks to the longer operating hours of Cebuana Lhuillier branches (from Monday to Sunday, most locations even operating 24/7).
Soon, Cebuana Lhuillier will also launch the eCebuana app, which will make the Micro Savings product even more amazing—enabling checking of balance online, loading prepaid smartphone accounts online, and paying bills virtually. It will enable 24k card users to do online/cashless shopping and receive salaries from partner employers. It will also facilitate international remittance transactions.
“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,” said Cebuana Lhuillier President and CEO Jean Henri Lhuillier.
The launch of Cebuana Lhuillier Micro Savings coincides with the launch of the #KayaNa: Unbanked Filipinos No More Movement, which aims to transform the landscape of saving in the country. This is in response to the call of the Bangko Sentral ng Pilipinas (BSP) for greater financial inclusion among Filipinos. The company aims to reach more underserved Filipinos to empower them to save for the future through its micro savings product.