Cebuana Lhuillier Bank Wins Big at 2024 World Economic Magazine Awards

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Cebuana Lhuillier Bank has once again demonstrated its leadership in microfinance, financial inclusivity, and innovation by securing wins in three prominent categories at the prestigious World Economic Magazine Awards. Competing against strong international contenders, the bank asserted its dominance with victories in Best Microfinance Bank, Fastest Growing Bank for Financial Inclusion, and Most Innovative Microfinance Bank for 2024. This consecutive achievement reaffirms the bank’s commitment to excellence and impact in the global financial landscape.

“As we achieve another milestone, I can’t help but look back at the humble beginnings of the Bank back in 1998. We want to reach more people and provide our services to the ones who need them the most. We just want to continue our financial inclusion advocacy, to carry over that mission from the small pawnshops we operate to a bank that can be the people’s ally in their financial success,” according to Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier, expressing his profound pride in the bank’s remarkable journey.

The accolade for Best Microfinance Bank in the Philippines for 2024 not only acknowledges the bank’s success but also highlights its profound influence on Filipino communities. Particularly notable is the exponential growth observed in products like The Teachers’ Loan portfolio, which experienced a remarkable 425% increase in housing loans totaling US$13.4 million. This surge reflects the bank’s proactive approach to addressing societal needs, particularly in tackling housing challenges. Additionally, the bank commands a significant 35% share of total basic deposit accounts in the Philippines, a testament to the trust and confidence bestowed upon it by Filipino clients.

Recognized as the Fastest Growing Bank for Financial Inclusion in the Philippines, Cebuana Lhuillier’s journey exemplifies a commitment to bridging financial gaps and fostering positive change. The substantial growth in its loan portfolio, soaring from US$7 million in 2018 to US$64 million in 2023, underscores not only numerical expansion but also the tangible impact on individuals and communities.

The title of Most Innovative Microfinance Bank of the Philippines for 2024 signifies Cebuana Lhuillier’s pioneering efforts in reshaping the banking landscape. Through strategic partnerships and cutting-edge product development, the bank has embraced technology to enhance customer experiences while staying true to its core values of prioritizing customer needs and convenience. Collaborations with renowned financial technological partners such as Bancnet, Instapay, PesoNet, Visa, and Temenos demonstrate the bank’s commitment to remaining at the forefront of financial innovation.

Dennis Valdes, President of Cebuana Lhuillier Bank, expressed gratitude for the awards, emphasizing their significance in recognizing the bank’s impact across diverse segments of society, “Let these achievements and recognitions be a reminder of the importance of our work, the impact we create in the lives of entrepreneurs, mothers, farmers, the working Filipinos just by offering products that they need. It is our mission to help Filipinos in their financial journey. May these awards inspire each of us to do more and work harder to help Filipinos.” He noted that this recognition would serve as motivation to further the bank’s mission of supporting Filipinos in their financial journeys and inspiring positive change.

The World Economic Magazine, a US-based publication dedicated to promoting financial literacy and economic multi-polarity, hosts the awards ceremony to recognize achievements in various sectors of the global economy. It provides insights, studies, and best practices, shedding light on critical aspects of the present economy and international trade. These awards serve as a testament to the outstanding performance of leading financial institutions on a global scale.

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