An easier and more convenient money saving scheme for Filipinos

By Julianne Gabis and Rhosedel Gabac

The Philippines is among many countries where more than half of its citizens remain unbanked and it is undeniably true that banking can cause you hassle whether you like it or not. Opening a bank account can take hours and hours of presenting and representing identification cards, birth certificates, barangay and police clearances and so on. So let’s admit it, nobody has the time for that.
High-maintaining balance and large coset of initial deposit in banks also tend to be major turn-offs to Filipinos. On top of that are the high dormancy charges that totally makes it unfitting for the situation of most Filipinos.
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.
According to Banko Sentral ng Pilipinas, lack of access to banks among the country’s many cities and municipalities remains as the top deterrent with only 33% or 551 cities in the Philippines have access to banking institutions.
The Micro Savings scheme is Cebuana Lhuiller’s retort to BSP’s call for financial inclusion. Through the Cebuana Lhuiller Rural Bank (CLRB), Filipinos may now overcome barriers to saving with a more convenient and affordable means and not keep their savings inside a jar or under the mattresses at home.
Acting as a cash agent of the Cebuana Lhuillier Rural Bank (CLRB), micro savings is Cebuana Lhuillier’s platform for Filipinos to overcome the barriers to saving. While Filipinos like to save, they opt to keep it at home according to the Bangko Sentral ng Pilipinas (BSP)
The lukewarm attitude of the masses towards opening a savings account is attributed to the barriers to saving in banks. The lack of access to banks among the country’s many cities and municipalities remains as the top deterrent, according to a BSP study. In fact, only 33% or 551 cities in the Philippines have access to banking institutions. The numerous documentary requirements is a major turn off for many, along with the high cost of initial deposit, high maintaining balance, as well as, high dormancy charges.
Cebuana Lhuillier Micro Savings enables every Filipino to break through these barriers. Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal Php 50 initial deposit. And because of Cebuana Lhuillier’s wide network of branches comprised of 2,500 retail infrastructures, account holders can deposit and withdraw anywhere at their most convenient hours.
Opening a Cebuana Lhuillier Micro Savings account that requires only one valid ID and a minimal 50Php initial deposit and because of Cebuana Lhuillier’s wide network of branches comprised of 2,500 retail infrastructures, account holders can deposit and withdraw anywhere at their most convenient hours.
To ensure that micro savings account holders can fully maximize the use of their savings account and ensure greater connectivity, Cebuana Lhuillier will also be launching its very own eCebuana app which allows micro savings users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills by integrating it to their Cebuana Lhuillier Micro Savings account.
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.
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 Philippines. In light and in support of the BSP’s call for greater financial inclusion among Filipinos, Cebuana Lhuillier aims to reach more underserved Filipinos and empower them to save for the future through its micro savings product.