Saturday, March 9, 2019

Cebuana Lhuillier Introduces Micro Savings with their Campaign #KayaNa : Unbanked Filipinos No More Movement

One of the country's leading microfinancial services company, Cebuana Lhuillier, recently introduced the Cebuana Lhuillier Micro Savings, enforced with their campaign  #KayaNa : Unbanked Filipinos No More Movement. This is a more convenient and affordable means to save the individual's hard-earned money.

This newest product of Cebuana Lhuillier will create the company to be the cash agent of the Cebuana Lhuillier Rural Bank (CLRB), a platform for Filipinos to overcome the barriers of saving.

This move of Cebuana Lhuillier is to encourage Filipinos to save the proper way, instead of opting to keep the savings at home. 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.

To address this barriers, Cebuana Lhuillier's Micro Savings enables Filipino to open an account with only one valid ID and a minimal Php50 initial deposit as requirements. The good thing about Cebuana Lhuillier's wide network is that they have around 2,500 retail infrastructures that you can deposit.

During the unveiling of Cebuana Lhuillier's Micro Savings, Sen. Chiz Escudero gave a short talk and facts about savings with some few data about the financial situation of the Filipinos, most especially when it is about opening a savings accounts.

Few words from the President & CEO of Cebuana Lhuillier Jean Henri Lhuillier, "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. 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."

Aside from the Micro Savings product, Cebuana Lhuillier also launched their 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.  This app is just the first step in a long line of innovations connected to the micro savings product.

With developments Cebuana Lhuillier pushes to adapt a new philosophy, which is called the financial wellness. This allows more and more Filipinos to steer their own direction and be captains of their own ship.

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