GCash, the country’s leading mobile wallet, has recently forged a strategic alliance with the trusted microfinancial services provider, Cebuana Lhuillier Bank. This groundbreaking partnership, unveiled earlier this month, aims to democratize access to high-yield savings accounts through the innovative eC-Savings feature within GCash’s GSave marketplace.
The collaboration directly addresses a critical challenge highlighted by the Bangko Sentral ng Pilipinas (BSP): the alarmingly low savings rate among Filipinos.
According to the BSP data, “only 1 out of 3 Filipinos can save, with half of them opting to save their money at home.” However, this traditional way of saving exposes their hard-earned money to
risks of fire and theft, with BSP even noting its potential impact on currency circulation.
Winsley Royce Bangit, Vice President and Group Head for New Businesses at GCash
“Trusted financial institutions provide fundamental security for funds,” emphasized Winsley Royce Bangit, Group Head of New Businesses at GCash. “On top of this crucial safeguard, they also unlock an opportunity for Filipinos to truly benefit from their diligence – the availability of high-yield savings accounts that offer competitive interest rates.”
GCash and Cebuana Bank’s synergistic approach to financial well-being
Driven by a shared vision of financial inclusion, GCash and Cebuana Lhuillier Bank are poised to transform the perception of saving from a daunting task to an attainable and rewarding step towards financial well-being.
“GCash and Cebuana are united by the same core mission: making essential financial services accessible to every Filipino, regardless of their location or economic background, with a particular focus on underserved communities,” Bangit stated. “Through this powerful synergy, we aspire to empower Filipinos to proactively cultivate their financial health by making saving not a burden, but an easily actionable and beneficial habit.”
With its extensive network of over 3,500 branches strategically located nationwide, Cebuana Lhuillier Bank brings decades of expertise in financial inclusion to the dynamic cashless ecosystem championed by GCash. With its millions of registered users, the finance super app provides an unparalleled platform to extend the reach of accessible savings solutions.
The cornerstone of this partnership is the introduction of the eC-Savings by Cebuana Lhuillier Bank account, seamlessly integrated within GCash’s GSave marketplace. This innovative offering allows GCash users to effortlessly open a savings account directly from their familiar e-wallet environment.
A key attraction of the eC-Savings account is its impressive annual interest rate of 3.5%, applicable to all deposit amounts. This competitive rate significantly surpasses the returns typically offered by traditional savings accounts, providing a tangible incentive for Filipinos to grow their funds.
More than just savings: Unlocking added value
Recognizing the importance of incentivizing the savings journey, GCash and Cebuana Lhuillier Bank have sweetened the deal with compelling perks for new eC-Savings account holders.
Users who open an account will receive a PHP 100 cashback on their initial deposit, providing an immediate boost to their savings. Furthermore, account holders will benefit from up to PHP 33,000 in free accident coverage, offering a crucial layer of financial security and peace of mind.
“While the majority of hardworking Filipinos understand the inherent value of having insurance, the perceived cost often prevents them from making it a priority,” Bangit explained.
“We specifically introduced this valuable benefit so that our users no longer have to face a difficult trade-off between actively building their savings and having the reassurance of financial protection during their daily lives,” he added.
Accessibility redefined: Saving without the hurdles
A significant barrier that traditionally deters many Filipinos from engaging with formal banking institutions is the perceived complexity of opening an account. This often involves time-consuming in-person visits and the requirement to submit various supporting documents.
The integration of Cebuana Lhuillier Bank within GSave effectively dismantles this obstacle. Existing fully verified GCash users can now open an eC-Savings account conveniently within the app, eliminating the need for additional identification or physical branch visits.
Furthermore, the BSP study highlighted that for many in the mass market, savings tend to be in smaller amounts, often earmarked for immediate needs, leading to a preference for keeping funds readily accessible at home. Addressing this specific need, GSave empowers users to deposit amounts as low as PHP 1 directly from their GCash wallet.
This low barrier to entry encourages even the most tentative savers to start building their financial future. Adding to the user-friendly nature of the eC-Savings account is the absence of a minimum maintaining balance, removing the worry of account closure for those with smaller or fluctuating savings.
“The unwavering hardworking spirit of Filipinos deserves to be supported by financial services that are equally dedicated and efficient, actively working to support their aspirations for a secure financial future,” Bangit concluded with conviction.
“By building upon the established trust of millions of Filipinos in both GCash and Cebuana Lhuillier Bank, we are confident that this partnership will empower their dreams for a brighter tomorrow by making saving truly accessible, rewarding, and ultimately, a fundamental part of their lives.”
To embark on their savings journey with eC-Savings by Cebuana Lhuillier Bank on GSave, individuals must be Filipino citizens, at least 18 years of age, and fully verified GCash users. Ready to witness your money grow? Simply navigate to the GSave feature on your GCash dashboard or find it under the “Grow” section. For those who haven’t yet joined the GCash community, the app is readily available for download on the Apple App Store, Google Play Store, and Huawei App Gallery.