LANDBANK Q1 digital transactions top P567-B

The Land Bank of the Philippines (LANDBANK) facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022—translating to a 36% and 22% year-on-year growth in volume of transactions and value, respectively.

“LANDBANK’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo.

She added that the demand for LANDBANK’s digital services continue to rise as more customers shift to using more convenient, reliable, and safe digital banking solutions, especially in the new normal.

In particular, the LANDBANK Mobile Banking App (MBA) recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, or upsurges of 37% in volume and 46% in value, year-on-year.

 

The LANDBANK weAccess—the Bank’s corporate internet banking platform—recorded more than six (6) million transactions worth nearly P143.19 billion, which translates to growths of 37% and 25%, respectively.

Meanwhile, the Bank’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42% increase with corresponding total value of P3.41 billion or 58% growth rate.

LANDBANK’s online retail banking channel, iAccess, also logged a 26% jump in transactions value, at P4.46 billion compared to the P3.55 billion in the same period last year.

The LANDBANK Electronic Modified Disbursement System (eMDS) for national government agency partners also posted an increase of 36% in transactions volume amounting to P368.06 billion, or 18% rise in value.

With the continuous increase in the use of digital banking channels, the state-run Bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams.