LB CIM surpasses Rs. 10 b transactions value in record time

LB CIM (Cash-In-Mobile), the popular mobile wallet solution offered by LB Finance PLC recently reached an important milestone by surpassing Rs. 10 billion worth of cumulative transactions. This is a commendable achievement given this milestone has come in just 20 months since its commercial launch, in a market now crowded with over 20 similar products vying aggressively for market share and customer growth.  

During that period, CIM has powered over 2.3 million transactions digitally, a clear testament to the value and the convenience CIM offers to its customers and demonstrates Sri Lanka’s rapid progress in embracing digital payments across all spheres.

Speaking on this milestone achievement, LB Finance Head of Strategy and Digital Finance Bimal Perera stated, “We are humbled by this achievement and encouraged with the momentum of digital adoption among our core target groups. CIM goes beyond being just another mobile payment platform by offering a very high level of integration with our core banking system. This uniqueness enables our valued customers to enjoy unhindered access to their portfolio of lease, loans and deposit accounts through one single digital platform.” 

LB CIM is proud to be one of the few trilingual mobile wallets available in the market and champions the concept of simplicity in its UI/UX offering. The company believes CIM’s ultra-simple design gives it an advantage over the completion to become a truly inclusive digital payment solution to Sri Lankan masses

LB CIM smartphone application is available for Android and iOS-based devices. It comes in the form of two separate mobile apps; ‘CIM Customer App’ and ‘CIM Business App’, to cater to the specific needs of customers and retail merchants. The CIM customer app functions as an interest-bearing digital savings account (4.0% p.a.), also performs the role of mobile wallet capable of making contactless payments at over 220,000+ Lanka QR merchants island-wide. Customers can use the CIM app to transfer money instantly up to Rs. 5,000,000 per instance to any bank, perform instant airtime top-ups, pay credit cards, insurance premiums, and utility bills, etc.

CIM business app functions as a platform for retail merchants to develop their businesses by managing their business cash flows more efficiently and securely, while earning interest on the digital savings account. Through CIM business app, LB Finance expects to include Micro and Small Enterprises (MSEs) to the formal financial services and offer them an opportunity to avail working capital credit to develop their businesses.

CIM mobile wallet is an ambitious initiative by LB Digital Financial Services (DFS), a specialised unit that combines the strength and heritage of a five decades old financial institution with the entrepreneurial spirit of a fintech start-up. LB DFS plans to further enhance the value proposition of CIM to position it as the country’s most inclusive digital financing solution. 

From its humble beginnings in 1971, LB Finance has seen remarkable growth over the last five decades, establishing itself as Sri Lanka’s leading non-banking financier today. A hallmark of its success has been the company’s ability to adopt and innovate its product and service offerings to cater to the ever-changing needs of the local consumer. The company believes the agility and the dynamism in its business model are the key attributes in sustaining its performance at the highest level in this highly competitive financial services space.