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May 27, 2024

Landbank grows digital transactions to P2.45T

State-owned Land Bank of the Philippines of bankero Cecilia Borromeo grew its digital transactions by 46 percent to P2.45 trillion last year as more Filipinos embrace digitalization due to strict COVID-19 mobility restrictions.

The volume of transactions coursed through Landbank’s electronic channels increased by 19 percent to 136.3 million in 2021.

Borromeo credited this growth to the expanding adoption of the bank’s digital services and marks another milestone in Landbank’s ongoing digital transformation.

“Landbank is leveraging on the latest technological solutions to deliver a digital banking experience designed for the new normal. We will continue to bank on digital infrastructures as we push for greater digital adoption and advance financial inclusion in the country,” Borromeo said.

The Landbank Mobile Banking App (MBA) recorded 103.8 million transactions worth P172.39 billion last year, representing upsurges of 44 percent and 103 percent, respectively, from the previous year.

Its e-payment facility, Link.BizPortal, facilitated around 3.88 million transactions equivalent to an 83 percent increase, corresponding to a total value of P10.45 billion or a 31 percent growth rate.

The Landbank weAccess recorded 20.9 million transactions worth nearly P489 million for increases of 29 percent and 24 percent, respectively.

The government-run bank also logged a 30 percent jump in value via its iAccess internet retail banking channel, reaching P15.40 billion compared to P11.87 billion in 2020.

Furthermore, the Landbank Bulk Credit System (LBCS) also posted unprecedented annual growths of 105 percent and 1,181 percent for volume and value, respectively.

Its Electronic Modified Disbursement System (eMDS) for national government agency partners posted increases of 20.9 million or 29 percent more transactions, and a total P488.98 billion or 24 percent rise in value.

With the continuous increase in the use of e-banking channels, the state-run Bank assures its customers that it maintains the highest level of security in all its systems while reminding customers to remain vigilant against online banking fraud and scams.