PROFILE

LOLC Finance

Q: How did your company navigate the COVID-19 pandemic?

A: The financial year 2022/23 has been a landmark one for LOLC Finance as not only did we have to navigate pro-bably the most difficult time for Sri Lanka’s economy but also manage a historic merger to form the largest non-banking financial institution (NBFI) in Sri Lanka.

In effecting this ambitious merger, LOLC Finance made strategic acquisitions of Commercial Leasing & Finance (CLC) and LOLC Development Finance. Previously, CLC had acquired Sinhaputhra Finance. Therefore, it was effectively a merger of four NBFIs.

To unlock the benefits of joint synergies, standards of all merged companies had to be elevated across credit, re-covery, pricing, management and IT systems – whilst also addressing human resources issues such as skills gaps and product knowledge.

The results were evident almost instantly as the company performed exceptionally well in deposit products and strong business numbers in 2022/23, leading to LOLC Finance delivering one of the best financial performances in Sri Lanka’s financial services industry on par with the largest banks.

Q: What is your organisation’s growth potential?

A: As an inclusive financial services provider to the micro, small and medium enterprises – and catering to many economic sectors such as agriculture, manufacturing, transportation, tourism and exports – the sky is the limit for LOLC Finance, having already cornered 20 percent of the NBFI market.

As the largest player in the market, we have a critical role to play in raising the bar in our sector. This commitment ensures that we continue to support our customers at the bottom of the pyramid through the crisis. Customers too became very selective and preferred to invest only with the most trustworthy financial brands.

Q: What is the impact of branding on sustainability and growth?

A: During the crisis period, customers took flight to quality and safety – opting for safer, as well as tried and tested brands. LOLC Finance saw its assets, lending and deposit portfolio growing as customers became more brand conscious, and sought quality service levels and professionalism.

Overall, our strategic brand investments enabled us to navigate both internal and external challenges with a positive mindset, positioning us well to invest more in technology and brand building to enhance customer convenience.

Q: What is the socio-environmental conscience of your brand?

A: Our operations adhere to the complete customer protection principles framework underscored by transparency and ethical business practices – even more so during the economic crisis.

LOLC Finance is an ethical brand and believes only those brands that adhere to regulations will survive. Our company won the category honour ‘Best Corporate Citizen Sustainability Awards 2022 for Economic Contribution’ as a joint award with a leading bank.

A dedicated sustainability unit evaluates how environmentally-friendly our practices are – including usage of energy, resources and people. We are also in the process of applying for ISO 140001 certification.

Q: How is the brand leveraging on technology, chatbots and immersive technology?

A: LOLC Finance has many beneficial implications for stakeholders as it will give rise to high efficiencies due to the combined expertise, branch network and technology platforms – including iPay, which is LOLC Finance’s digital payment platform, a leading preferred payment platform and lifestyle fintech product.

The company has won top awards regularly 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 in 2023.

There is a growing emphasis on digitalisation at LOLC Finance; and opening accounts, fixed deposits and so on can be done digitally by customers.

Q: How do senior management and staff impact brand building?

A: As a result of the merger, LOLC Finance has inherited an exceptional senior management team with a combined wealth of many years of experience in financial services. Their vast knowledge and experience, in the banking and NBFI sectors, strengthens customer confidence in the brand.

LOLC Finance won three prestigious awards at the Best Management Practices Company Awards 2023 organised by The Institute of Chartered Professional Managers (CPM) of Sri Lanka.

Fired by ambition, LOLC Finance is focused on spearheading growth and expansion across many fronts including balance sheets, business volumes and bottom lines – while exploring new marketing channels – with an emphasis on digital channels and new products to enhance brand equity.

Telephone 5715555 | Email info@lolcfinance.com | Website www.lolc.com