LOLC HOLDINGS

A Sri Lankan multinational with a presence in 20 countries, LOLC is highly diversified and recognised globally as a successful business model. A pioneer in financial inclusion, it empowers entrepreneurs across South, South East and Central Asia, and Africa – with client protection, sustainable development and environmental responsibility as its top priorities. The Group’s success and unblemished track record is evidenced by longstanding funding partnerships, which have expanded beyond geographical boundaries. LOLC consistently delivers strong results to stakeholders and maintains a very high degree of transparency.

Q: How has managing a business changed due to the COVID-19 pandemic and economic crises?
A: The pandemic was a wake-up call for nations and organisations to prioritise social infrastructure. Many corporates did not have standard operating procedure for working from home (WFH) but LOLC’s disaster recovery plans were geared for this crisis.

LOLC’s strategic leadership and agility played key roles in managing the business strongly. The Group’s business product and sector diversification provided resilience and financial stability.

Q: What are the pillars of your Group’s success?
A: Clear vision and a strong management team were the key pillars; and the support of committed staff, loyal customers, and global and international funding partners who placed their confidence in us.

LOLC’s diversification from primarily a financial services organisation to manufacturing, leisure, construction, agriculture, plantations, renewable energy and key investments in cutting-edge technology such as graphene and rice fortification, and geographic diversification to 20 countries, provided hedges against inflation and currency depreciation.

Q: Does ‘corporate respect’ help organisations survive crises?
A: Most respected entities garner admiration due to right business strategies coupled with a forward-thinking and sustainable vision. Reputation is brand value. In today’s economy, what an organisation stands for is as important as how it performs.

Understanding and protecting corporate reputation is a vital part of smart business strategy. A good reputation is a signal of the superior quality and reliability of products and services – more so in financial services where we are entrusted with the life savings of our clients.

Q: How does respect in workplaces nurture admiration for businesses to become ‘employers of choice’?
A: Businesses can build respect in the workplace by respecting diversity, encouraging innovation and promoting inclusion. Respect promotes teamwork, and increases productivity and efficiency in the workplace. It lets employees know they are valued for their abilities, qualities and achievements, and that their roles are important to the organisation’s success – attributes that attract high quality employees.

QUICK-FIRE ROUND

Three recommendations to revive Sri Lanka’s economy
Increase foreign currency inflow through exports of goods and services – including IT, tourism and remittances; and incentivise businesses that generate foreign currency.
Improve ease of doing business to attract new investment.
Encourage an economy driven by technology to increase effectiveness of public services, as well as business efficiency of the private sector.

Three most admired global business leaders
Elon Musk
Warren Buffett
Akio Toyoda

Q: Is social responsibility a key part of corporate respect?
A: Potential benefits of fulfilling social responsibility are better brand recognition, positive business reputation and stakeholder loyalty.

LOLC launched ‘LOLC Divi Saviya’, an islandwide humanitarian relief programme in partnership with News First, to distribute dry rations in 25 districts during the pandemic – and we’re doing the same in the current economic crisis.

We’ve carried out tree planting campaigns, digital innovation to reduce paper consumption, conversion to renewable energy sources and more. In Sri Lanka, the Group is nearly self-sufficient in renewable energy while most of its branches in Myanmar are similarly powered.

In its people investment, more than 100 top executives were trained at the Frankfurt School of Business. LOLC was also ranked among the top ‘Best Places to Work in Sri Lanka.’

Q: How does a business’ commitment to continuous innovation make it respected?
A: LOLC is a dynamic conglomerate with a strong culture of innovation. As a tech savvy global player, the Group has a footprint in path-breaking technologies such as converting graphite to graphene to add economic value to exports, rice fortification to address malnutrition and more. LOLC’s iPay is an internationally acclaimed mobile payment platform and shows innovation at work.

LOLC Holdings weathered challenges due to its geographic, business product and sector diversification; and well spread risk profile. Its success and impeccable track record are evidenced by longstanding funding partnerships, expanding beyond geographic boundaries to support ambitious plans to enter new global markets.

Telephone 5880880 | Website www.lolc.com