Existing and new account holders or ‘Iponaryos’ of Cebuana Lhuillier Rural Bank’s (CLRB) Micro Savings product are now more financially mobile. The democratized savings accounts have been powered up with four new additional features that take micro-savings banking to the next level.
CLRB has unveiled the four new features of its Micro Savings Account through a virtual launch held on December 18, 2020. Now, the savings product can be accessed via BancNet; can make debit payments via UnionPay; is linked to the eCebuana App; and can transact using the QR Technology.
“We are now shifting into a tech-brick company, where our network of branches will take advantage of our proprietary technology to step into new grounds by adapting to the new normal using our enhanced digital business transformation,” said Cebuana Lhuillier President and CEO Jean Henri Lhuillier. “This will provide unprecedented financial access to millions more of Filipinos wherever they may be, anytime.”
The Cebuana Lhuillier Micro Savings Account was formally launched in the first quarter of 2019 as a revolutionary savings product that promotes financial inclusion by offering account openings for as low as P50. It has also trimmed the usually lengthy requirements by asking for just a single valid ID to open an account. Every depositor is given a 24k card that serves as his/her ATM card.
“Our dream is to digitally and financially include Filipinos by implementing world-class and innovative digital financial solutions for them. This, we believe, is what the future of financial inclusion should be—a future where there is financial mobility for every Filipino, a future where we provide them the capability to manage their finances whenever and wherever they may be, at any time,” said Lhuillier.
The new Micro Savings Account goes beyond being a mere cash deposit account. It is now a more powerful, more reliable, and easily accessible full-service savings product. Thanks to a partnership with BancNet, Micro Savings Account holders can now access their money through over 21,000 ATMs and 114 member banks nationwide. That is aside from the unrivaled easy access through over 2,500 Cebuana Lhuillier branches, which serve as cash agents to the service.
Debit payments through UnionPay
The Cebuana Lhuillier Micro Savings Account can now be used for transacting debit payments through over 350,000 POS terminals and partner merchants nationwide. ‘Iponaryos’ can now enjoy the enhanced payment security with UnionPay chip cards’ quick payment process with a single tap using UnionPay Contactless technology. Thus, account holders don’t need to always carry cash and coins when shopping.
Link to eCebuana App
Full online access to the Cebuana Lhuillier Micro Savings Account can be facilitated through the eCebuana App. This will facilitate convenient and real-time online money transfers via Instapay, bills and utility payments, eLoad features, and insurance purchases. Soon, this will also facilitate pawning ticket renewal as well as jewelry purchases.
Transactions through QR Technology
Through the eCebuana app, the Cebuana Lhuillier Micro Savings Account can transfer funds or make retail payments seamlessly and securely via QR Technology. This feature will fully rollout by March 2021.