BPI, Cebuana strengthen money transfer collaboration

Cebuana Lhuillier, the Philippines’ leading and largest micro financial services provider, strengthened its partnership with Bank of the Philippine Islands (BPI), further extending its money transfer capabilities.

Through the partnership, Cebuana Lhuillier clients can now directly send money to any BPI account in any of Cebuana Lhuillier’s more than 3,000 branches nationwide. The service falls under BPI’s Remit to Account capabilities and will undoubtedly make sending and receiving money quicker and more convenient especially to many Filipinos.

Meanwhile, through Cebuana Lhuillier, BPI stages its local expansion using Cebuana Lhuillier’s powerful network of branches that provide BPI access to the unbanked and underbanked sector of the country, thanks to the 35-year-old financial institution’s wide reach nationwide.

“Even before the start of the pandemic, Cebuana Lhuillier has already explored the use of digital channels through strategic partnerships to better improve our money transfers business. 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. This 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,” Cebuana Lhuillier President and CEO Jean Henri D. Lhuillier explained.

“We at BPI are truly ecstatic for this partnership with Cebuana Lhuillier, as it aligns with our vision of building a better Philippines – one family, one community at a time. This entails continuously looking for innovative solutions and alternative avenues to expand and develop in order to bank the unbanked, and contribute to a nation that is financially inclusive and sustainable. 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,” said BPI Executive Vice President and Head of Institutional Banking Juan Carlos L. Syquia.

Both parties cited the collaboration as instrumental in making financial inclusion a reality for millions of Filipinos.