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Money Matters | Finally Its Easy to Get a Bank Account

For an ordinary Filipino, having access to the benefits of banking is something close to a mission impossible movie.  Banks requirements sometimes can deter one from opening a bank account.  Usually it needs two valid ID's and most individuals only have one.  The amount of an initial deposit also hinders the process along with the maintaining balance.  Bank charges also deters one as Filipinos with little money that they have, would be deducted of their hard earned money, they'd rather keep the same under their beds.  This practice raises the risks of theft and physical loss to a number of factors.  Plus the fact that they can never get the other benefits of having a bank account.

Worry no more as Cebuana Lhuiller, one of the country's leading microfinancial service company, recently unveiled the Cebuana Lhuiller Micro Savings.  A facility or product that provides Filipinos with a more convenient and affordable means to save their hard earned currency.

Acting as cash agent of the Cebuana Lhuiller Rural Bank (CLRB), micro savings is their platform for individuals to overcome the barriers to saving.  The practice of keeping money inside their homes account for 67% of the 551 cities studied.

For a minimal Php50 initial deposit, one can open a micro savings account.  Requires only one valid ID and for convenience, one can approach Cebuanan Lhuiller's wide network of branches nationwide.  Where they can deposit and withdraw anywhere at their most convenient location and hours.

The product is in line with the company's mission f financial inclusion, which has been the thrust of the company for the past 30 years.

To further enhance depositor experience, Cebuana Lhuiller promises that in the future, one can make use of the eCebuana mobile app which would allow the use to greater connectivity to the company and to their money.  Users can check their balance, send money through remittance, load prepaid credits, pay bills by integrating it to their Cebuana Lhuiller Micro Savings account.

The app is just the first step in the long line of innovations to connect one to the account.  Soon this will be migrated to an EMV enabled card accessible via ATM (automated teller machines).  Cashless shopping and payment shall follow shortly after this.

All these efforts to make savings accessible to every Filipino are part of Cebuana Lhuiller President and CEO Jean Henri Lhuiller's vision on financial wellness.

The launch of Cebuana Lhuiller Micro Savings coincides with the launch of the #kayana: unbanked Filipinos No More Movement ,which aims to transform the landscape of saving in the Philippines.  In light and support of the BSP's call for greater financial inclusion among Filipinos, Cebuana Lhuiller aims to reach more underserved Filipinos and empower them to save for the future through its micro savings product.