Cebuana Lhuillier Launches Micro Savings Product in Concurrent with the Launch of “#KayaNa: Unbanked Filipinos No More Movement”
In the July
2018 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas, it showed that 52.8 million adults do not have or own accounts. Account
ownership that can be used to save money,
receive salary, send or receive remittance, and pay bills – which is the basic
indicator of financial inclusion.
The quest for
attaining the goal of financial inclusion for Filipinos has always been the aim
of Cebuana Lhuillier; the country’s leading micro financial services company,
as well as transforming the landscape of saving in the country. In light of
this, they recently unveiled the Cebuana Lhuillier Micro Savings, a vehicle
that will offer Filipinos the easiest way to save their money. The event also
concurs with the launch of #KayaNa: Unbanked Filipinos No More Movement.
For the next couple of years or so, Cebuana Lhuillier aims to include
millions of unbanked Filipinos thru its Cebuana Lhuillier Micro Savings [CLMS].
At the official launch last February 28, 2019, which also served as #KayaNa Financial Inclusion Forum, the BSP Center
for Learning and Inclusion Advocacy Managing Director Pia Bernadette
Roman-Tayag shared that Filipinos lukewarm attitude to opening a savings
account may be attributed to many documentary requirements,
the high cost of initial deposit, the required maintaining balance and dormancy
charges which can be really disappointing to many. Added to this is the lack of access to banks among the country’s many
cities and municipalities remains as the top deterrent which according to another
BSP study revealed that only 33% or 551 cities in the Philippines have access
to banking institutions. The introduction of Cebuana Lhuillier Micro Savings
will enable many Filipino to break through these barriers.
All this
initiatives form part of the company’s mission and vision on financial wellness
and BSP’s advocacy to guarantee this for all.
“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,” said Jean Henri Lhuillier, president and CEO 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,” he added.
Senator Francis
Escudero, the chairperson of the Senate Committee on Banks, Financial
Institutions and Currencies, likewise hope that the major use of modern
technologies would enable Filipinos to a greater access to financial services
products.
With the successful
launch of the Cebuana Lhuillier Micro Savings as part of its #KayaNa: Unbanked
Filipinos No More Movement, Cebuana dreams that they will reach more unbanked
and underserved Filipinos and through the CLMS, it will encourage them to save
for the future.
HERE ARE THE THINGS YOU NEED TO KNOW ABOUT THE CEBUANA LHUILLER
MICRO SAVINGS:
CebuanaLhuillier
Micro-Savings Account is a deposit product of Cebuana Lhuillier Bank (A Rural
Bank).
Cebuana Lhuillier
Micro Savings is the brand name, while 24k Basic is the product name. THEY ARE
ONE AND THE SAME.
To open an
account, the minimal requirement is an initial deposit of Php50 and 1
government issued ID.
A 24k card is a
requirement for Micro Savings transactions which is available in all Cebuana Lhuillier
Pawnshop outlets.
Customers will
be able to do balance inquiry, deposit and withdrawal using the 24k plus Card.
Account balance
can also be checked through Cebuana Pin Pad and SMS.
This is an interest-bearing
savings product with 0.3% interest per
annum when P500 average daily balance is reached.
You, as an
account holder can deposit and withdraw in any of the 2,500
branches nationwide. Your account can be
accessed in all Cebuana Lhuillier branches, Cebuana CARES, agent partners,
online and mobile channels, as well as CLRB outlets across the country.
Self-service kiosks in CebuanaLhuillier branches will also be put in place.
For deposit, the minimum
amount is Php 50.00 while the maximum outstanding balance is Php 50,000.00.
For withdrawal, the minimum
amount per transaction is Php100.00 and the maximum daily total withdrawal
limit per transaction is Php5,000.00. The max withdrawal transactions per day
are 3 transactions.
A long line of innovations connected to the micro savings product is in
store and will soon be launched such as the Cebuana
app which will enable micro savers to check their balances and send money
through remittance, load prepaid credits to their phones and settle their bills
by integrating it to their CLMS account.
Another
innovation is the migration to an EMV-enabled card that can be accessed via
automated teller machines and will carry a debit and credit facility for
web-based and cashless shopping, provide access to auxiliary services, and help
corporate and micro, small and medium enterprise clients manage their business
through payroll cash management solutions.
Also the remit-to-and-from
savings account is in the pipeline as well as pay and deposit from savings
account; and an international remit-to-account feature for the convenience of
Filipinos abroad in sending money to their families back home.
If you’re still
stalling, take note that as of end February 2019,
Cebuana Lhuillier already have about close to half a million bank account holders
throughout its 2,500 branches.
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