We all know how life is not easy in the country with the proliferation of slum areas which we are all not proud of when foreign visitors or International delegates visits the country. There was even a time when netizens exposed the hauling of families who live in the streets during APEC summit in the country a couple of years back.
Indeed these instances are something that we Filipinos are not willing to admit and are quick to defend but the truth lies in the study released by Bangko Sentral of the Philippines(BSP) wherein it states that 77% of Filipinos are unbanked.
When asked about the matter, most of them reasoned out the following:
1. Lack of identification requirements
2. Proximity of Banks in rural areas
3. High maintaining balance
Hence, BSP urges financial institutions to do something about the matter. A leading financial institution in the country heed the call.
Cebuana Lhuillier, one of the country’s leading microfinancial services company, recently unveiled the Cebuana Lhuillier Micro Savings, which will provide Filipinos with a more convenient and affordable means to save their hard-earned money.
With Cebuana Lhuillier Micro Savings enables every Filipino to break through these barriers.
1. Go to your nearest Cebuana Lhuillier (2,500 branches to serve you)
2. Bring One(1) valid I.D.
3. Fill-up Application Form
4. Deposit Php50, yeas you read it right..only 50 pesos to ope an account
“With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. 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 Jean Henri Lhuillier, president & CEO of Cebuana Lhuillier.
Cebuana Lhuillier Microsavings App- soon to launch
The app is just the first step in a long line of innovations connected to the micro savings product – on top of which is its migration to an EMV-enabled card which can be accessed through ATMs (automated teller machines). It will also carry a debit and credit facility for online and cashless shopping, provide access to auxiliary services and help corporate and MSME (micro, small, and medium enterprises) clients manage their business through payroll cash management solutions.
Furthermore, it will progress to provide more value with features like remit-to-and-from savings account; pay and deposit from savings account; and an international remit-to-account feature which will provide convenience to Filipinos abroad in sending money to their families in the Philippines. This innovation will also allow clients to have safe and convenient access to their accounts in all Cebuana Lhuillier branches, Cebuana CARES, agent partners, and all online and mobile channels, as well as, access to all CLRB branches set to establish presence nationwide. For easier access, self-service kiosks in Cebuana Lhuillier branches will also be put in place.
All these efforts to make savings accessible to every Filipino are part of Cebuana Lhuillier President & CEO Jean Henri Lhuillier’s vision on financial wellness. “Cebuana Lhuillier 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,” Lhuillier said.