According to the 2017 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP), 52.8 million or 77.4 percent of the total population remain unbanked. With these figures, the BSP is continuously working towards a future where Filipinos are financially-included.
Complementing BSP’s various efforts, the Cebuana Lhuillier Rural Bank launched the #KayaNa: Unbanked Filipinos No More Movement in concurrence with the Cebuana Lhuillier Micro Savings product.
In just 10 months, they have encouraged three million previously unbanked Filipinos to open their very own micro savings account.
“There are three million previously unbanked Filipinos who are now captains of their own ship, navigating their way towards financial wellness. I am excited for the continued push for financial inclusion and the role that Cebuana Lhuillier Rural Bank can play in this unfolding mission,” said Jean Henri Lhuillier, Cebuana Lhuillier president and CEO.
Tapping Cebuana Lhuillier as its cash agent, the rural bank iscommitted to heed BSP’s call for financial inclusion through its Cebuana Lhuillier Micro Savings, an interest-bearing basic savings product that allows clients to save up to P50,000 using the company’s 24k Cebuana Lhuillier loyalty card.
“From the start, this has been our goal and I am happy of our market’s positive response to Cebuana Lhuillier Micro Savings.This only proves that Filipinos need only the right financial tools and opportunities to be on their way to financial wellness.” said Dennis Valdes, Cebuana Lhuillier Rural Bank president.