Cebuana Lhuillier upgrades Micro Savings account

Financial services firm Cebuana Lhuillier on Friday introduced additional features to its Micro Savings account —a product of Cebuana Lhuillier Rural Bank (CLRB)—in an effort to help more Filipinos become financially mobile amid the COVID-19 pandemic.

Micro Savings was launched last year by CLRB with the aim of providing unbanked and underbanked Filipinos with easy access to basic savings, regardless of who and where they are.

When the pandemic hit, Cebuana Lhuillier said the progress of the program was brought to a standstill.

CLRB, however, saw as an opportunity to make sure that account holders continue to still have full access to their hard-earned money at their convenience.

“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,” CLRB president Dennis Valdes said.

The company said its Micro Savings Account now has four new features —partnerships with two giant financial institutions; BancNet and UnionPay, a link to the eCebuana App, as well as, the addition of QR Technology, for added security.

With this, account holders now have access to the latest functions transforming their Micro Savings account from a mere basic cash deposit account to a full-service savings account. 

By partnering with BancNet, Cebuana Lhuillier said account holders now have access to their finances beyond CLRB's cash agent and Cebuana Lhuillier’s more than 2,500 branches nationwide with BancNet's roster of 21,000 ATMs, and 114 member banks.

A tie-up with UnionPay, meanwhile,  further allows account holders to make debit payments through over 350,000 point of sale (POS) terminals, as well as partner merchants nationwide.

Full online access is likewise afforded to account holders with the more efficient eCebuana app allowing money transfers via Instapay, bills and utility payments, eLoad feature, insurance purchase, and coming soon are pawning ticket renewal and jewelry purchases.

Micro Savings also adopted QR Technology within the eCebuana app.

The feature will be able to make money transfers and retail payments seamless and secure.

Money transfers and retail payments via QR code will be available by March 2021, Cebuana Lhuillier said.

“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,” Jean Henri Lhuillier, Cebuana Lhuillier president and CEO, said.—LDF, GMA News