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LOLC Finance receiving the Overall Excellence Award in Interbank Digital
Payments
LOLC Finance PLC dominated the LankaPay Technnovation Awards for the fourth year in a row – winning as many as 5 top awards yet again, including the most coveted Overall Excellence Award in successive years, reflecting the Company’s industry standing in the Non-Banking Finance Institution (NBFI) and digital payments space. As the largest and most profitable NBFI in the country, LOLC Finance is uniquely positioned to transform the digital landscape of the financial services sector.
Commenting on the triumph, Conrad Dias, Chairman of LOLC Finance PLC said:“We are very proud to have won top awards constantly at the LankaPay Technnovation Awards for the last four years in succession and the Overall Excellence Award in Interbank Digital Payments for the second year in a row.
Winning these awards every consecutive year proves the command that LOLC Finance has in the digital payments space. iPay records the highest transactions monthly and is growing at an exponential rate as compared to other apps in the market. We are committed to grow our market share from over 55% of all JustPay payments in Sri Lanka by enhancing user experience – right from the time of customer on-boarding to transaction processing to grow the customer base and transactions values.”
LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards event which aims to recognize the trailblazers of technology innovations in the financial services sector of the country.
Dias adds further, “We are grateful to the LankaPay Technnovation Awards and the Central Bank of Sri Lanka for instituting these awards to encourage digital transformation, as this platform encourages us all to participate and do more for the convenience of customers. This recognition will not only help to create awareness about digital solutions, but it will also inspire the industry to deliver the highest standard products and services.”
With iPay spearheading LOLC Finance’s drive to offer enhanced digital solutions to customers, it has garnered over 300,000 users with over 01 million monthly transactions valued at nearly Rs.10 billion in value. iPay recently celebrated having processed over Rs. 100 billion worth of transactions since its launch in 2017 and is growing at over 300% year-on-year.
The company was also awarded the Gold award for the NBFI of the Year for Financial Inclusivity, recognizing LOLC Finance’s influence at the bottom-of-the-pyramid segment. By extending financial inclusion to the under-banked and unbanked markets, the Company is elevating the livelihoods of this segment with effective digital solutions.
Commenting further, Krishan Thilakaratne, Executive Director/Chief Executive Officer of LOLC Finance PLC said: “We are extremely happy to dominate the LankaPay Technnovation Awards yet again. Year after year, LOLC Finance walks
away with top honors at these awards, further entrenching its status as the leader in the NBFI space, whilst also ruling supremely in the digital payment space with iPay, a true game-changer in the digital payment space. The Gold award for NBFI of the Year for Financial Inclusivity is a testament and acknowledgment of our untiring efforts at the grassroots. We believe this recognition stems from our vision for financial inclusivity and to extend digital solutions to all customers without discriminating or perceiving digital payments as an elite product. Our plans for creating digital financial inclusion amongst the MSME customer base are showing positive results through value additions such as cost reduction, saving time and giving easy access to financial services.”
Krishan Thilakaratne goes on to say, “LOLC Finance will continue to power ahead to grow digital banking from present levels. Our main objective is to convert more customers to digital payments and promote internet banking and interbank platforms for transactions. In order to facilitate this, we offer most new products online and through mobile apps. LOLC Finance can proudly lay claim to over 25% of the entire customer base of the NBFI sector, which reflects that our digital aspiration creates substantial impact in Sri Lanka’s digital banking
transformation. LOLC Finance differentiates itself by being the only NBFI in the country with an IT arm, LOLC Technologies Limited.”
LOLC Finance is contributing immensely to economic resurgence while boosting investor interest in Sri Lankan corporates.