As it pushes forward with its aggressive thrust to promote greater financial inclusion, Land Bank of the Philippines is banking on partnerships and technology to bring financial services closer to more Filipinos.
“It has always been a priority for LANDBANK to expand in areas not served by other commercial banks in order to reach more Filipinos. This is why we continue to complement our growing physical network with solid partnerships and technology-driven strategies to deliver banking products and services to unbanked and underserved areas,” said LANDBANK president and chief executive officer Cecilia Borromeo.
One such initiative is the Point-of-Sale (POS) Cash Out, which extends the functions of a bank branch to various cash-out partner institutions by allowing peso withdrawal transactions from certified POS terminals.
As of May this year, nearly 400 POS Cash Out terminals have been installed in 234 partner-merchants of LANDBANK-with a total of 423,246 transactions amounting to P2.1 billion.