Cebuana Lhuillier Micro Savings: #KayaNa: Unbanked Filipinos No More Movement.
Cebuana Lhuillier, one of the country’s leading micro financial services company, recently unveiled the Cebuana Lhuillier Micro Savings. This is to provide Filipinos with affordable and convenient means to save money and to overcome the barriers to saving. According to BSP study, the lack of access to banks among the country’s many cities and municipalities remains as the top deterrent. A major turn off to many because of high cost of initial deposit, high maintaining balance and high dormancy charges. From offering collateralize loans or pawning, remittance service, micro insurance and now – MICRO SAVINGS ACCOUNT!
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What is Cebuana Lhuillier Micro Savings Account
Cebuana Lhuillier Micro Savings is an interest-bearing services product owned by Cebuana Lhuillier Rural Bank (CLRB). It is a savings account that allow clients to save up to P50,000 which can be accessed through the 24k card. It is the brand’s response to BSP’s call for financial inclusion. Anyone can now open a basic deposit account for less than P100, with NO maintaining balance and NO dormancy charges. Micro savings is the new product of Cebuana Lhuillier and here are the ff. features:
- Php50 initial deposit
- NO maintaining balance
- 24k card is a requirement for Micro Savings transactions
- Account balance can be checked through Cebuana Pin Pad and SMS
- 0.30% interest per annum when P500 average daily balance is reached
- Minimum requirements: 1 government issued ID, Face capture, filled up CIFS .
- You can deposit/withdraw in any of their 2,200 branches nationwide
- Minimum deposit is Php50, maximum of Php50,000
- You need P500 average daily balance to earn interest.
- NO transaction fees for cash withdrawals and deposit.
“My dream is for every Filipino to eventually have a bank account. I personally believe that Filipinos will make smart financial decisions if given access to the right products. I, myself, want to be known as a Chief Financial Wellness Officer. Aided by technology, CEBUANA LHUILLIER MICRO SAVINGS is just the start, this will progress into a slew of many many more services which I envision to guide millions of Filipinos in their FINANCIAL WELLNESS JOURNEY. “ – Cebuana Lhuillier President and CEO Jean Henri Lhuillier.
Visit the nearest branch in your area to open a new account.
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For more information and list of IDs accepted, visit this link: https://www.cebuanalhuillier.com/micro-savings/.