State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo has tapped branches of UCPB Savings Bank nationwide to serve as agent banking partners in remote and underserved areas, as part of its mandate to advance greater financial inclusion in the country.
A total of 57 branches UCPB Savings Banks are set to be onboarded as Landbank agent banking partners within June, of which 20 UCPB Savings Bank branches are operating in communities without any Landbank branch.
As Landbank agent banking partners, UCPB Savings Bank branches will offer card sale, cash-in, cash-out, fund transfer, and bills payment services, allowing customers to enjoy lower transaction costs, improved access to financial services, greater convenience, and potentially lower travel expenses.
Beneficiaries of the national government’s conditional cash transfer (CCT) and unconditional cash transfer (UCT) Programs can also withdraw their cash grants through the Landbank agent banking partners.
“Through the agent banking program, Landbank is able to better serve its mandated sectors, particularly those in unbanked and underserved communities where financial services are scarce. We are bringing more Filipinos into the financial mainstream to foster greater financial inclusion across the nation,” the bankero said.
As of end March, Landbank has a total of 907 agent banking partners nationwide, including client cooperatives, associations, rural banks, local government units, small and medium enterprises (SMEs), gasoline stations, and private entities.
In the first quarter of the year, Landbank agent banking partners facilitated a total of 1.3 million transactions amounting to P4.6 million.
The Landbank agent banking program is in compliance with Bangko Sentral ng Pilipinas (BSP).