LANDBANK digital transactions jump 25% in H1 2022

For the first half of 2022, the major digital banking channels of the Land Bank of the Philippines (LANDBANK) registered growths of 25% in volume and 21% in value, year-on-year, facilitating a total of 77.6 million transactions valued at P1.4 trillion.

The increases represent combined transactions from the LANDBANK Mobile Banking App (MBA), iAccess, weAccess, Link.BizPortal, Electronic Modified Disbursement System (eMDS), and the LANDBANK Bulk Crediting System (LBCS).

“LANDBANK remains committed to promoting greater digital adoption in support of the National Government’s financial inclusion agenda. Our safe, convenient and accessible digital banking products are designed to meet the needs of our diverse customer base, as we continue serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo.

The LANDBANK MBA led in terms of transaction volume with 59.8 million amounting to P103.1 billion, translating to 27% and 37% increases in volume and value, respectively.

In terms of value, the Bank’s internet facility for national government partners, eMDS, topped the list with a total value of P966.2 billion or a 22% rise year-on-year, from facilitating 1.2 million transactions.

The LANDBANK weAccess—the Bank’s corporate internet banking platform—also recorded growths of 17% in transactions and 11% in value, facilitating more than 10 million transactions worth P262.8 billion.

Meanwhile, LANDBANK’s web-based payment channel, Link.BizPortal, facilitated 2.8 million transactions equivalent to a 48% increase, with a corresponding total value of P6 billion or 30% growth rate.

Lastly, the LANDBANK iAccess and LBCS—the Bank’s online retail banking channel and electronic disbursement facility, repectively—recorded a combined total volume of 2.8 million transactions amounting to P15.3 billion.

With the soaring demand for digital banking channels amid the pandemic, LANDBANK assures customers that it is maintaining the highest level of security in all its systems, as it also reminds customers to remain vigilant against online banking fraud and scams.

Through the years, LANDBANK has grown into one of the leading universal banks in the country, while remaining faithful to its social mandate to promote inclusive and sustainable development.

On 8 August 2022, the Bank celebrated its 59th anniversary, representing almost six decades of service to the nation.