Cebuana Lhuillier recently launched additional features to their existing Micro Savings Account, a product of Cebuana Lhuillier Rural Bank (CLRB). These added features on the Micro Savings Account which can be accessed through the eCebuana app enables account holders to transact remotely which is more of a necessity than a matter of convenience in the new normal.
Cebuana Lhuillier offered its Micro Savings product in 2019 which granted unbanked and underbanked Filipinos an easy way to start and own a bank account through CLRB. CLRB’s Micro Savings account prides itself on being an easy-to-maintain savings account as it only requires 1 valid ID and an initial deposit of Php 50 that can be accomplished online.
Apart from the app, bank transactions such as depositing and withdrawing can also be facilitated across all Cebuana Lhuillier branches nationwide, a feature that makes this particular saving account accessible in provinces and far-flung areas.
The account also comes with the 24k Card, an optional ATM card that lets account holders withdraw funds from any Bancnet ATM. It can be availed for a fee of Php 150. The 24K card doubles as a debit card that allows cashless transactions similar to that of a debit card.
By March 2021, the eCebuana app will roll out additional features such as pawning ticket renewals and jewelry purchases. The most exciting feature to come is its QR Technology within the eCebuana app. This feature will make money transfers between users and digital payments in retail establishments via QR code possible.
Jean Henri Lhuillier, Cebuana Lhuillier president, and CEO said at a press event, “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.”
Lhuillier further talks about how they plan to encourage Filipinos to start savings. “Our dream is to digitally and financially include Filipinos by implementing world-class and innovative digital financial solutions for them. This, we believe, is what the future of financial inclusion should be – a future where there is financial mobility for every Filipino, a future where we provide them the capability to manage their finances whenever and wherever they may be, at any time.”