Cebuana Lhuillier Bank secures back-to-back triumphs, bagging 3 titles at 2024 World Economic Magazine Awards

Cebuana Lhuillier Bank secures back-to-back triumphs, bagging 3 titles at 2024 World Economic Magazine Awards
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Cebuana Lhuillier Bank's consecutive victories at the World Economic Magazine Awards signify a momentous milestone in its journey, further solidifying its reputation as a financial powerhouse renowned for microfinance excellence, financial inclusivity, and pioneering innovation. Competing against formidable international counterparts, the bank secured wins across three prestigious categories: Best Microfinance Bank, Fastest Growing Bank for Financial Inclusion and Most Innovative Microfinance Bank for 2024, marking its second consecutive triumph after clinching the same accolades last year.

Reflecting on the bank's evolution from a humble rural institution to a formidable financial giant, Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier, expressed profound pride in the bank's remarkable journey.

“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.”

The recognition as the Best Microfinance Bank in the Philippines for 2024 not only celebrates the bank's achievements but highlights its impact on Filipino lives. The exemplary growth witnessed in products like The Teachers' Loan portfolio, with a staggering 425% increase in housing loans amounting to USD 13.4 million, speaks volumes about the bank's responsiveness to societal needs, particularly in addressing housing challenges. Additionally, commanding a substantial 35% share in total basic deposit accounts in the Philippines reflects the deep-rooted trust and confidence instilled by Filipino clients in Cebuana Lhuillier Bank.

As the Fastest Growing Bank for Financial Inclusion in the Philippines, Cebuana Lhuillier's journey embodies a genuine desire to bridge financial gaps and make a difference in people's lives. The exponential growth in its loan portfolio, soaring from USD 7 million in 2018 to USD 64 million in 2023, showcases not just numerical expansion but, more importantly, the transformative impact on individuals and communities.

Moreover, being hailed as the Most Innovative Microfinance Bank of the Philippines for 2024 signifies Cebuana Lhuillier's pioneering strides in redefining banking. Through strategic collaborations, visionary partnerships, and cutting-edge product development, the bank has integrated technology to enhance customer experiences while upholding its core values of prioritizing customer needs and convenience. Collaborations with esteemed financial technological partners like Bancnet, Instapay, PesoNet, Visa, and Temenos, the world's leading banking software, highlighted the bank's commitment to staying at the forefront of financial innovation.

Cebuana Lhuillier Bank President Dennis Valdes said that the awards serve as a reminder of the bank's profound impact on diverse segments of society and added that this recognition will fuel the bank's mission to continue supporting Filipinos in their financial journeys, inspiring people in making positive change.

“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” Valdes said.

World Economic Magazine is a US-based publication, committed to promoting the understanding of financial literacy and economic multi-polarity in today’s global economy and international trade for its global audience. It provides insights, comprehensive study, and best practices in the areas of resistance to change, people, leadership, products, services, communication, and other critical aspects of the present economy. It hosts economic awards recognizing the achievements in different areas of the global economy participated by the top financial companies internationally. PR

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