Land Bank of the Philippines (Landbank) has tapped Lake Sebu Countryside Development Multipurpose Cooperative (MPC) to serve as its banking partner under its Agent Banking Program.
According to Landbank, Lake Sebu Countryside Development MPC will serve as a location to provide banking services such as card sales, cash-ins, cash-outs, fund transfers, and bills payment, as well as additional services the bank may decide to offer in the future.
“Our MoA (memorandum of agreement) signing represents a big step in providing access to banking services to the unbanked municipality of Lake Sebu. As we deliver our services closer to our customers here, we are also allowing them to enjoy lower transaction costs and save on travel expenses,” Bankero, Landbank President and Chief Executive Officer Cecilia Borromeo said.
In addition, the cooperative will also oversee the management of cash requirements for 13,700 beneficiaries of the government’s Conditional Cash Transfer program in the area.
To assist in offering basic banking services in underserved areas, Landbank’s Agent Banking Program partners with customer cooperatives, associations, rural banks, local government units, micro, small and medium enterprises, and private organizations.
With the addition of Lake Sebu Countryside Development MPC, the bank now has a total of 1,056 agent banking partners across 82 provinces and 827 municipalities. These provide services to 206 unbanked municipalities and 621 underserved municipalities or with limited Landbank presence, according to data from the Bangko Sentral ng Pilipinas as of December 2021.