Data from the Bangko Sentral ng Pilipinas (BSP) showed that there are more than 15 million account holders in the Philippines by the end of 2022, with 42% of these accounts under Cebuana Lhuiller Bank’s revolutionary Micro Savings product. Similarly, Micro Savings accounts for 33% of the total deposit liability of PHP11.96B.
Since its launch in 2019, this product has transformed the savings landscape for Filipinos, providing accessible and convenient saving options. In collaboration with its parent company, Cebuana Lhuillier, the Bank identified and addressed usual barriers to saving through the micro-savings product.
The launch of this product marked the beginning of Cebuana Lhuillier Bank’s journey toward becoming a leading innovator in rural banking. Starting in Cavite, the bank now has 6 branches across the country including Calatagan, Cebu, Davao, Makati City, and Nasugbu. In addition, more than seven million account holders have taken their first step towards financial security.
Innovative Banking for Every Filipino
This story is from the Issue 112 edition of Asian Banking & Finance.
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This story is from the Issue 112 edition of Asian Banking & Finance.
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