CL rural bank enhances micro savers’ portfolio

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Cebuana Lhuillier Rural Bank (CLRB) is beefing up its micro savings-account offering with additional features to provide a full menu of banking services.

Dennis O. Valdes, the bank’s president, said that CLRB is ensuring that its clients continue to have access to the financial services amid the pandemic.

“The many challenges and limitations in access, presented by the pandemic to our clients and countless Filipinos, made us look even harder for more opportunities in bringing [our] micro savings to the next level; pushing our myriad of services farther ahead to immediately answer the needs of our clients,” Valdes said.

The rural bank recently announced that it partnered with electronic banking and payment network BancNet.

CLRB said that its clients can benefit from both institutions’ networks to access their finances. Cebuana Lhuiller has more than 2,500 branches across the country while BancNet has 21,000 automated teller machines (ATMs) and 114 member banks.

CLRB inked a partnership with bank card services company UnionPay, allowing account holders to make debit payments via its over 350,000 point-of-sale terminals and partner merchants.

The rural bank said that customers will benefit from “enhanced payment security with UnionPay chip cards’ quick payment process with just a tap, using UnionPay Contactless technology, plus the convenience of not having to carry cash and coins.”

Customers will also be allowed to complete transactions online, including money transfers via InstaPay, bills and utility payments, and insurance purchase, among others, through the bank’s eCebuana app.

QR (quick response) technology was embedded to the digital channel as well. In March next year, money transfers and retail payments via the QR code will be available, the bank added.

Cebuana Lhuillier President and CEO Jean Henri D. Lhuillier said that the firm has been transitioning into the new normal to provide wider financial access for Filipinos.

“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,” Lhuillier said.

“Our dream is to digitally and financially include Filipinos by implementing world-class and innovative digital financial solutions for them,” he added.

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