Cebuana Lhuillier onboards 6 million micro savings account holders

MANILA, Philippines — Cebuana Lhuillier Bank now has six million savings account holders as of the first half  as part of its unwavering commitment to financial inclusion amid the  pandemic.

Since the start of the global health crisis in 2020, the banking arm of Cebuana Lhuillier saw an increase in its current portfolio of new basic deposit account holders.

Cebuana Lhuillier Bank vice chairman Jean Henri Lhuillier said the institutions goal of financial inclusion for Filipinos has remained unchanged for many years.

“To be able to meet the ever-growing financial requirements of our clients, we wanted to bring our services closer to many Filipinos. The pandemic taught us the importance of saving money and having a savings account that we can rely on during difficult times. CLB pushes for innovative solutions that allow our kababayans to access their hard-earned funds, anytime and anywhere,” Lhuillier said.

Lhuillier, who is also president and CEO of Cebuana Lhuillier, and Cebuana Lhuillier Bank president Dennis Valdes were once again recognized by the Asian Banking and Finance Retail Awards for their unwavering commitment to financial inclusion amidst the pandemic

Cebuana Lhuillier Bank won the Rural/Cooperative Bank of the Year – Philippines at the 2022 Asian Banking and Finance Retail Banking Awards for its impressive initiatives and innovative financial products and services offered during the pandemic.

It was also awarded the Rural/Cooperative Bank of the Year in the 2021 ABF Retail Banking Awards and was also recognized by the Bangko Sentral ng Pilipinas (BSP) as one of Philippine banking’s notable players, naming it an Outstanding BSP Stakeholder in 2021 and further recognizing it as one of its notable resources in the agency’s Financial Inclusion Steering committee.

Cebuana Lhuillier Bank’s mission of financial inclusion continued to be a success since the launch of its flagship product, Cebuana Lhuillier Micro Savings, and integrating its services through a digital transformation. Its Micro Savings product encourages ordinary Filipinos to save by lessening the pain points of opening a bank account that hinder them from accessing their funds.

Together with Philippine microfinancial services giant Cebuana Lhuillier acting as the bank’s cash agent through the chain’s over 3,000 branches nationwide that are complemented by initiatives and technological innovations, Cebuana Lhuillier Bank continues to redefine banking for ordinary Filipinos.

Valdes said the   pandemic did not stop the bank from introducing groundbreaking financial solutions clients.