Landbank Q1 digital transactions top P567-B

MANILA – The Land Bank of the Philippines (Landbank) facilitated a total of 39.14 million transactions amounting to PHP567.61 billion from its major digital banking channels in the first three months of 2022, translating to a 36 percent and 22 percent 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,” Landbank president and chief executive officer Cecilia Borromeo said. 
Borromeo said 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 PHP47.18 billion for the first quarter of the year, or upsurges of 37 percent in volume and 46 percent in value year-on-year.
The Landbank weAccess, the bank’s corporate internet banking platform, recorded over six million transactions worth nearly PHP143.19 billion, which translates to growths of 37 percent and 25 percent, respectively.
Meanwhile, the bank’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42-percent increase with corresponding total value of PHP3.41 billion or 58-percent growth rate.  
Landbank’s online retail banking channel, iAccess, also logged a 26-percent jump in transactions value, at PHP4.46 billion compared to the PHP3.55 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 percent in transactions volume amounting to PHP368.06 billion, or 18-percent 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. (PR)