Cebuana Lhuillier Micro Savings Now Has More Features for Filipino "Iponaryos"

As a leader in financial inclusion, Cebuana Lhuillier has just launched added features to their existing Micro Savings Account, a product of Cebuana Lhuillier Rural Bank, to help more Pinoys become financially mobile, amidst the pandemic and as we all enter the new normal.

When Cebuana Lhuillier introduced Micro Savings in 2019, the serivice provided unbanked and underbanked Filipinos with easy access to basic financial savings, regardless of who and where they are. It empowered many to jumpstart their savings, which can help in steering their lives towards a better future. However, when the pandemic hit, the progress of the program was brought to a standstill.

Cebuana Lhuillier Rural Bank (CLRB) saw this as an opportunity to enure that account-holders - or “Iponaryos” as they’re called - will continue to have full access to their hard-earned money, at their convenience.

According to CLRB President Mr. Dennis Valdes, “The many challenges and limitations in access, presented by the pandemic to our clients and countless Filipinos, made us look even harder for more opportunities in bringing Cebuana Lhuillier Micro Savings to the next level; pushing our myriad of services farther ahead to immediately answer the needs of our clients.”

Cebuna Lhuillier Micro Savings Account now has four new features: Partnerships with two giant financial institutions - BancNet and UnionPay, a link to the eCebuana App, and the addition of QR Technology for added security.

With these developments, ‘Iponaryos’ now have access to the latest functions transforming their Micro Savings account from just a basic cash deposit account to an even more powerful and reliable full-service savings account.  By partnering with BancNet, they now have unrivaled easy access to their finances beyond CLRB's cash agent, Cebuana Lhuillier’s more than 2,500 branches nationwide, using BancNet's roster of 21,000 ATMs, and 114 member banks.

This partnership with UnionPay allows account holders to make debit payments through over 350,000 POS terminals and partner merchants nationwide. Also, ‘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 along with the convenience of not having to carry cash and coins.

Full online access is afforded to Ka-Cebuanas with the more powerful eCebuana app, which allows money transfers via Instapay, bills and utility payments, eLoad-ing, insurance purchasing, and even pawning, ticket renewal, and buying jewelry eventually. All these are made more convenient since online sign-ups are now allowed in the eCebuana app.

Finally, Cebuana Lhuillier Micro Savings steps into the future by enabling QR Technology within the eCebuana app. With this feature, account-holders will be able to make money transfers and retail payments with peace of mind. Money transfers and retail payments via QR code will likewise be available by March 2021.

Mr. Jean Henri Lhuillier, Cebuana Lhuillier President and CEO shafed, “We are now shifting into a tech-brick company, where our network of branches will take advantage of our proprietary technology to step into new grounds by adapting to the new normal using our enhanced digital business transformation. This will provide unprecedented financial access to millions more of Filipinos wherever they may be, anytime."

He added, "Our dream is to digitally and financially include Filipinos by implementing world-class and innovative digital financial solutions for them. This, we believe, is what the future of financial inclusion should be – a future where there is financial mobility for every Filipino, a future where we provide them the capability to manage their finances whenever and wherever they may be, at any time."