Conrad Dias, Director/CEO of LOLC Finance and Mr. Charitha Jayasinghe, Head of iPay receiving the awards
Sri Lanka’s premier Non-Banking Financial Institution (NBFI), LOLC Finance PLC which is renowned for offering cutting-edge digital financing solutions, proved its expertise yet again in the digital financing sphere, competing with the country’s prestigious banks and NBFIs to gain these top awards.
LOLC Finance was bestowed with the Gold titles for: NBFI of the Year for Financial Inclusivity, NBFI of the Year for Excellence in Customer Convenience, Financial Institution of the Year for Best Digital Payment Strategy, Best Mobile Application for Retail Payments Via Just Pay (Banks and NBFI), Overall Award Excellence in Inter-Bank Digital Payments (NBFI) and a Merit Award for the Most Popular Digital Payment Product (Banks and NBFI-Mobile Payment App).
These achievements by LOLC Finance marks a period during which LOLC revolutionised Sri Lanka’s rapidly growing digital footprint in the recent past capturing the fin-tech landscape faster than any local financial service provider in the industry. LOLC Finance has risen to be the pioneer in the most innovative digital transformation in Sri Lanka.
The 4th edition of Sri Lanka’s first and the only payment technology innovation awards LankaPay Technnovation Awards by Lanka Clear was held on 29th March 2022 with the theme of ‘Honouring the Digital Superheroes’. The awards recognise member banks and non-banking financial institutions who have excelled in electronic transactions during a financial year. All submissions for the awards were judged by a committee of esteemed industry experts, based on the level of innovation, impact, dynamism and uniqueness.
LOLC Finance was one of the first financial institutions in Sri Lanka to break into the mobile technology domain with the launch of the LOLC Real Time online portal and the mobile app in 2014 and 2015, respectively. This first move gave the company a strong competitive advantage in the market, which has helped it make further inroads into the mobile technology space via ground-breaking new solutions such as iPay which was launched in 2017.
Commenting on winning awards, Conrad Dias (Director/CEO) of LOLC Finance said, “Winning the awards is not just a recognition of what we have done in digital banking and financial services, it is also a testament to the long term commitment towards transforming financial services to digital, creating customer convenience, trust and confidence. It was our night at the Technnovation awards, bagging the most number of gold awards at the event. Amidst an adverse global pandemic, we are truly honoured to be the winner of five gold titles. These honours by LOLC Finance will become the hallmarks of excellence in the NBFI sector in Sri Lanka and will upkeep to improve the inclusive national drive towards transforming the Sri Lankan economy to a cashless podium”.
LOLC Finance was one of the first NBFIs that received the mandate to introduce Foreign Currency Savings accounts and the first NBFI to register for SWIFT transactions in Sri Lanka. In the internet and mobile banking landscape, the company became one of the first NBFIs to connect with the CEFTS. LOLC Finance iPay has now advanced from a mere payment gateway in to a beyond lifestyle payment application offering an exceptional service. LOLC Finance is rated (SL) A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka.