CIMB Bank PH launches savings account for OFWs --[Reported by Umva mag]

CIMB BANK Philippines, Inc. (CIMB Bank PH) has launched a savings account product for overseas Filipino workers (OFWs) as it looks to tap underserved sectors.

The bank on Wednesday launched CIMB Kababayan, which will allow OFWs to open an account via the CIMB app while abroad using an international SIM card. The savings account has no opening and maintaining balance, offers free fund transfers, and a high interest rate of 15% per annum.

The digital-only commercial bank aims to onboard half a million depositors in the next two years through CIMB Kababayan.

”This is CIMB Bank’s newest offering, especially tailored for overseas Filipino workers and their families, in line with the bank’s mission to promote financial inclusion and to serve the underserved,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said in a speech at the launch event.

“With CIMB Kababayan, OFWs can gain access to a superior banking relationship, the ability to open and save in a matter of minutes anywhere in the world, gain access to financial education, financial literacy, have an account which makes them enjoy higher savings interest rates, make payments more convenient, seamless, secure and transparent, and most importantly keep their money safe and help them grow their hard-earned money,” Mr. Manoharan said.

He said the 15% savings rate offered for the product will be subject to market conditions.

“Of course we’ll adjust it from time to time, but we’ll always continue to want to give back more than what the industry is giving. We’ll always be competitive,” Mr. Manoharan said.

He added that CIMB Bank PH plans to launch more products that cater to OFWs.

“CIMB will continue to drive to bring additional offerings to the OFW proposition and in the months to come you will hear more of how we will bring more and more value to the market to help the OFWs, and we also intend to enable access to credit for these OFWs to further support their financial needs, as today, they have limited access to credit from banks,” Mr. Manoharan said.

He added that the bank is on track to reach its financial targets for the year.

CIMB Bank PH’s customer base has reached 8.5 million depositors and about 3.5 million borrowing relationships, he said, but did not provide other figures.

Mr. Manoharan previously said the bank expects “higher than single digit” net income growth this year.

It is also aiming to disburse P75 billion in loans this year and to reach a total deposit cash-in level of P500 billion. — Aaron Michael C. Sy

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