LANDBANK digital transactions up in Q1
THE VOLUME of digital transactions facilitated by the Land Bank of the Philippines’ (LANDBANK) platforms grew by 5% year on year to 41.2 million in the first quarter.
In terms of value, transactions coursed through the LANDBANK Mobile Banking App (MBA), weAccess, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and the LANDBANK Bulk Crediting System (LBCS) grew by 30% to P735.95 billion from P567.6 billion, the state-run lender said in a statement on Sunday.
“The growing adoption and utilization of our digital channels is a testament to LANDBANK’s steadfast commitment to provide safe and convenient banking services. We remain focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said.
LANDBANK MBA facilitated most of the transactions at 32.2 million, up by 8% from the same period in 2022. This translated to a 31% increase in transaction value to P61.79 billion.
Meanwhile, the lender’s eMDS platform saw the value of transactions rise by 22% to P447.5 billion, with volume at 597,496, LANDBANK said. This was equivalent to about 85% of all National Government disbursements in the first three months of the year.
For LANDBANK’s weAccess, the recorded value increased by 38% to P199.38 billion, while transactions done via iAccess rose 2% to P4.6 billion.
“The LBCS saw the biggest increase in value at 1,402% amounting to P19.7 billion from 1.8 million recorded transactions,” the bank said.
On the other hand, the bank’s web-based payment channel Link.BizPortal facilitated 2.18 million transactions, with a 58% rise in value to P3 billion.
LANDBANK said a total of four million accounts have been opened via the LANDBANK Digital Onboarding System since 2018. These include accounts opened for clients of its subsidiary Overseas Filipino Bank, the government’s digital bank.
“LANDBANK’s continuing digital innovations has enabled it to provide convenient and accessible banking services to more Filipinos, in line with its thrust of advancing financial inclusion in the country,” the lender said. — AMCS
