There are now more than 5 million Filipinos who have a Micro Savings account with the Cebuana Lhuillier Rural Bank (CLRB), a significant achievement coming only months after new product enhancements were introduced in December 2020.
“We are elated that there are more and more Filipinos every day who are realizing the importance of saving and are taking charge of their future. It is very exciting that these 5 million Micro Savings account holders are not only on the first step to financial wellness but, because of our amped-up product, are also financially mobile individuals,” said Cebuana Lhuillier president and CEO Jean Henri Lhuillier.
The Cebuana Lhuillier Micro Savings was launched in February 2019 as a basic deposit account at Cebuana Lhuillier Rural Bank (CLRB), the banking arm of the leading micro-financial services company in the country, Cebuana Lhuillier. It eliminated the need for numerous documentary requirements and maintaining balance or dormancy charges. The product was made available at Cebuana Lhuillier’s more than 2,500 branches as it acted as CLRB’s cash agent.
Recently, as an enhancement to the product, Cebuana Lhuillier Rural Bank mounted Discover Your Ipon Power: The Cebuana Lhuillier Micro Savings 2.0 Launch which unveiled new features for the Cebuana Lhuillier Micro Savings product. These features are: (1) Cashless Payment possible through UnionPay, (2) ATM access powered by BancNet, (3) Online Transactions made easier through the eCebuana app, and (4) QR Technology.
Iponaryos are now even more empowered to take command of their future because of the transformation of their Micro Savings account from just a basic cash deposit account to an even more powerful and reliable, full-service savings account.
Through their partnership with BancNet, they now have unrivalled access to their finances beyond CLRB’s cash agent, Cebuana Lhuillier’s more than 2,500 branches nationwide, this is possible through BancNet’s roster of 21,000 ATMs, and 114 member banks.
The bank’s tie-up with UnionPay further allows account holders to make debit payments through over 350,000 POS terminals, as well as partner merchants nationwide. Iponaryos can now get the benefit of enhanced payment security with UnionPay chip cards’ quick payment process with just a tap, using UnionPay Contactless technology.
KaCebuanas also have full online access with the use of the more efficient and more powerful eCebuana app which allows money transfers via Instapay, bills and utility payments, eLoad, and insurance purchase, the application will be even more powered thanks to new features such as the pawning ticket renewal and jewelry purchases. All these are made even more convenient since the adoption of online sign-ups, now possible in the eCebuana app.
Cebuana Lhuillier Micro Savings further steps into the future by enabling QR technology within the eCebuana app. This feature also makes money transfers and retail payments seamless and secure.
“5 million Filipinos are taking a step further into a promising future with our powered up Cebuana Lhuillier Micro Savings. We are confident that even more Filipinos will soon take hold of their Ipon Power,” added Dennis Valdes, president of the Cebuana Lhuillier Rural Bank.