CEBUANA LHUILLIER clients can now send money directly to any account in Bank of the Philippine Islands (BPI), the financial service provider said on Wednesday, in a move that further strengthened the two companies’ partnership.
“This partnership with BPI, no doubt the country’s most trusted bank, will provide clients from both our businesses much-needed convenience and accessibility in sending money to friends and family members, especially those living in communities,” Cebuana Lhuillier President and Chief Executive Officer Jean Henri D. Lhuillier said in a press release.
Falling under BPI’s “remit to account” facility, clients of Cebuana Lhuillier can send money via any of its 3,000-plus branches. The service will make sending and receiving money quicker and more convenient.
Mr. Lhuillier said that even before the pandemic, Cebuana Lhuillier has looked into digital channels through strategic partnerships to improve its money transfers business.
On its website, Cebuana Lhuillier describes itself as a micro financial services provider specializing in pawning, remittance, microinsurance, and micro-savings.
Mr. Lhuillier said the latest offering “Is in line with our commitment of further innovating our products and services, providing millions of Filipinos Cebuana Lhuillier options that go towards achieving financial inclusion.”
The press release stated that the partnership allows BPI access to unbanked and underbanked consumers through Cebuana Lhuillier’s wide reach.
Emirosco R. Sena, head of Cebuana Lhuillier integrated marketing and communications group, told BusinessWorld in August that the company was set to open 500 branches before the year ends to bring financial services to the underbanked and unbanked.
The press release quoted BPI Executive Vice-President and Head of Institutional Banking Juan Carlos L. Syquia as saying: “We are happy to collaborate with Cebuana Lhuillier on making this aspiration a reality, and we look forward to forging many more of these joint efforts in the future to reinforce BPI’s commitment of helping our country grow through the provision of relevant, innovative, and accessible financial solutions for all Filipinos.” — Aaron Michael C. Sy
