LANDBANK Q1 digital transactions rise 30% to 735.95-B

The Land Bank of the Philippines (LANDBANK) posted a 30% growth in value for its major digital banking platforms in the first quarter of 2023 compared to the same period last year.

The increase to 735.95 billion from the previous year’s P567.6 billion was facilitated by a total of 41.2 million transactions representing a 5% rise year-on-year via the LANDBANK Mobile Banking App (MBA), weAccess, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and the LANDBANK Bulk Crediting System (LBCS).

“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,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.

The LANDBANK Link.BizPortal, the Bank’s web-based payment channel, facilitated 2.18 million transactions which translate to a 58% climb amounting to P3.0 billion in value.

Both the LANDBANK weAccess and iAccess recorded value increases of 39% and 2%, amounting to P199.38 billion and P4.6 billion, respectively.

The LANDBANK MBA’s facilitated value also went up by 31% to P61.79 billion with an 8% jump in total transactions of 32.2 million.

The LBCS saw the biggest increase in value at 1,402% amounting to P19.7 billion from 1.8 million recorded transactions.

The Bank’s eMDS platform likewise experienced significant growth in value by 22% to P447.5 billion from a total of 597,496 transactions, which is equivalent to about 85% of all disbursements of the National Government in the first three months of the year.

Meanwhile, a total of 4 million accounts have been opened via the LANDBANK Digital Onboarding System (DOBS) since 2018, which include accounts opened for clients of the Overseas Filipino Bank (OFBank), the official digital bank of the Philippine government and a subsidiary of LANDBANK.

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.