“[…] Using BSP’s Basic Deposit Framework circular as guide, Cebuana Lhuillier Rural Bank has simplified the process of opening a savings account by requiring only one valid ID and a P50 initial deposit. The micro savngs account can be accessed in any of Cebuana Lhuillier’s 2,500 branches nationwide.
“[…] Financial technology (fintech) firms are playing an important role in improving financial inclusion in the Philippines, where the number of unbanked areas remains high, according to an industry head.
“[…] In its 2017 Financial Inclusion Survey (FIS), the central bank announced that only an estimated 15.8 million adult Filipinos, or 22.6 percent, have bank accounts, while an approximate 52.8 million, or 77.4 percent, remain unbanked. Ownership of a bank account that can be used to save and receive money, as well as pay bills, […]