According to the Bangko Sentral ng Pilipinas (BSP), there are more than 15M account holders in the Philippines by end of 2022. 42% of these accounts are under Cebuana Lhuillier Bank’s basic deposit account, the revolutionary Cebuana Lhuillier Micro Savings product introduced in 2019. Based also on the same study, Cebuana Lhuillier Micro Savings also account for 33% of the total deposit liability of PHP11.96B.
Since the launch, the micro savings product has become a force to reckon within the industry, changing the way Filipinos approach to saving their money by offering an easily accessible and convenient way to save. To do this, Cebuana Lhuillier Bank, in partnership with its parent company, Cebuana Lhuillier identified the usual barriers to saving and developed the micro savings product to tackle these barriers.
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