LOLC Finance offers Working Capital at the click of a button

LOLC Finance PLC, Sri Lanka’s Non-Banking Financial Institution (NBFI), announced the unveiling of the Digital Speed Draft, its latest innovation.

Describing the facility as “yet another cutting-edge financial service that provides a high degree of convenience to its customers”, the LOLC Finance Digital Speed Draft is an advancement of the conventional facility that LOLC introduced over a decade ago.

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, the company said in a press release.

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”.

Yanik Fernando, DGM, LOLC Finance East & Uva Region & Product Head of Speed Draft said, “This new product has all the features of any conventional overdraft facility, 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, he added.

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 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 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.