Pinoys love to keep their money stashed at home for several reasons. Some would say it’s more convenient because they don’t have to go to the bank to withdraw and endure the hassles of traffic. Most would reply that they can’t open a bank account because they don’t have a valid ID or they can’t afford the initial deposit amount and would not be able to maintain the balance. Life gets easier now because there’s Cebuana Lhuillier Micro Savings and you can open an account with just 1 valid ID and P50 initial deposit! You read it right! For only P50 you can already save your money plus there are many Cebuana Lhuillier branches in practically any place you live in the country!
The lukewarm attitude of the masses towards opening a savings account is attributed to the barriers to saving in banks. The lack of access to banks among the country’s many cities and municipalities remains as the top deterrent, according to a BSP study. In fact, only 33% or 551 cities in the Philippines have access to banking institutions. The numerous documentary requirements is a major turn off for many, along with the high cost of initial deposit, high maintaining balance, as well as, high dormancy charges.
Cebuana Lhuillier Micro Savings was recently launched and though I have accounts in banks near me, I was glad that the company thought about this #KayaNa: Unbanked Filipinos No More Movement. Now, more Filipinos can securely and comfortably save their hard-earned money without so many hassles. I will be opening an account, too! If a valid ID is a problem, one can easily go to the local city hall and secure a Postal ID.
Your P50 can go a long way when you start saving with Cebuana Lhuillier Micro Savings. There are 2500 Cebuana Lhuillier branches nationwide where you can deposit and withdraw anytime you want! It’s a savings bank developed for the Pinoys!
To further maximize this newly launched micro savings account, there will be a
The app is just the first step in a long line of innovations connected to the
Furthermore, it will progress to provide more value with features like a remit-to-and-from savings account; pay and deposit from savings account; and an international remit-to-account feature which will provide convenience to Filipinos abroad in sending money to their families in the Philippines. This innovation will also allow clients to have safe and convenient access to their accounts in all Cebuana Lhuillier branches, Cebuana CARES, agent partners, and all online and mobile channels, as well as, access to all CLRB branches set to establish presence nationwide. For easier access, self-service kiosks in Cebuana Lhuillier branches will also be put in place.
All these efforts to make savings accessible to every Filipino are part of Cebuana Lhuillier President & CEO Jean Henri Lhuillier’s vision on financial wellness. “Cebuana Lhuillier is also adapting a new philosophy, which is financial wellness. Our goal is not just to provide quick cash to the underbanked and unbanked for their short-term financial needs but to become an enabler for a better future for them. Allowing more and more Filipinos to steer their own direction and be captains of their own ship. We want to help them graduate from being dependent through bridge financing options for them to experience financial freedom,” Lhuillier said.
The launch of Cebuana Lhuillier 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 in support of the BSP’s call for greater financial inclusion among Filipinos, Cebuana Lhuillier aims to reach more underserved Filipinos and empower them to save for the future through its micro savings product.
To know more about the Cebuana Lhuillier Micro Savings, you can check for updates on Facebook at https://www.facebook.com/cebuanalhuillierpawnshop/.