Renowned for delivering innovative and real-world financial solutions, LOLC Finance PLC, Sri Lanka’s Non-Banking Financial Institution (NBFI) giant, has unveiled yet another cutting-edge financial service that provides a high degree of convenience to its customers. The LOLC Finance Digital Speed Draft is the latest innovation of LOLC Finance. It is an advancement of the conventional Speed Draft facility that LOLC introduced over a decade ago which became a pioneering lending solution that won the hearts of many people across the country. Back then, the product was introduced primarily for raising working capital and for acquiring assets. However, this ground-breaking product which has now been re-introduced by LOLC Finance with a host of added features by linking it with the revolutionary payment aggregator platform, iPay offers unparalleled convenience and speed to customers seeking cash for diverse, urgent requirements.
Speaking about the LOLC Finance Digital Speed Draft, Mr. Conrad Dias, Director / Chief Executive Officer of LOLC Finance PLC said, “With the digitalization of the LOLC Finance Speed Draft it will give the customer the opportunity of operating his or her Speed Draft facility from the comfort of their home or business premises where payments to third parties or withdrawals of their own accounts as well as repayments from any bank account is facilitated using the advanced iPay Digital Platform. Customers can therefore experience greater convenience and increased speed of service”.
Also commenting, Mr. Yanik Fernando, DGM, LOLC Finance East & Uva Region & Product Head of Speed Draft said, “This new product will have all the features that any conventional overdraft facility would have, where the customer could experience firsthand, the flexibility to withdraw and repay whenever he deems it necessary using iPay. The interest will be calculated on the daily balance. With the increasing trend towards ‘Fintech’ solutions, LOLC is confident that this groundbreaking product will be the most sought after working capital solution in the industry because it has been designed to give optimum convenience to customers who are especially engaged in dynamic MSME (Micro, Small & Medium Enterprises) businesses”.
iPay, a unique payment aggregator introduced by LOLC - Sri Lanka’s most valuable and globally diversified financial conglomerate is a simple, easy to use real-time payment platform which is built on an architecture that allows easy integration with any system. It has been designed with a host of features, giving the user a unique, one of a kind transaction experience. With LOLC Finance operating as its merchant acquiring partner, iPay which includes a host of features designed to securely integrate the customer and merchant ecosystem, makes it a true Fintech (Financial Technology) platform.
In addition to SME business owners, the all new LOLC Finance Speed Draft facility can also be used for various individual needs ranging from acquiring assets such as vehicles and property as well as to raise quick funding for medical emergencies, child education and overseas travel needs.
LOLC Finance PLC is the largest Non-Banking Financial institute with the largest Fixed Deposit and Savings Deposit base among the Registered Finance Companies. It is the flagship finance company of the LOLC Group, that offers carefully tailored financial solutions to a diverse customer base ranging from grass root level entrepreneurs to multinational organizations. The portfolio of products and services of LOLC Finance includes the maintenance of Savings and Term Deposit Accounts in Sri Lankan Rupees and Foreign Currency, Inward Worker Remittance, Money Changing, Issue of Visa Debit Card, Islamic Financing, Auto and SME Finance, Working Capital and Foreign Currency business. 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.
Conrad Dias,Director / Chief Executive Officer of LOLC Finance PLC
Yanik Fernando DGM,LOLC Finance East & Uva Region & Product Head of Speed Draft - LOLC Finance PLC