LOLC Finance clinches five Golds at Technnovation 2024

LOLC Finance PLC has once again set a remarkable milestone in the digital finance landscape by clinching an outstanding five gold awards at the prestigious Lankapay Technnovation Awards 2024.

This exceptional achievement fortifies LOLC Finance’s utmost expertise and innovation in the realm of digital financing, further emphasising its position as a trailblazer in the industry.

Over the years, the company has spearheaded ground-breaking initiatives, propelling the nation towards a cashless economy while prioritising financial inclusion and customer-centricity. In a celebration of technological prowess and innovation within Sri Lanka’s financial sector, the esteemed Technnovation Awards spotlight the vanguard of technological advancement and excellence. Amongst a field of formidable contenders, LOLC Finance has emerged five times triumphed, clinching an array of five Golden accolades.

These include the coveted titles of: Gold Award for Non-bank Financial Institution of the Year in Financial Inclusivity; Gold Award for Best Mobile Application for Retail Payments via JustPay (Banks and Non-bank Financial Institutions); Gold Award for Non-bank Financial Institution of the Year for Excellence in Customer Convenience; Gold Award for Most Popular Digital Payment Product (Private Commercial Banks and Non-bank Financial Institutions Category – Internet and Mobile Banking) and Gold Award for Excellence in Digital Payments (Non-bank Financial Institutions).

LOLC Finance Chairman Conrad Dias shared his joy at this remarkable accomplishment, remarking, “Securing five gold awards at the Technnovation Awards is a tribute to our solid commitment to digital excellence and customer satisfaction. These honours endorse LOLC Finance’s position as a leader in driving innovation and promoting financial inclusivity across Sri Lanka. We are deeply grateful for this recognition, which inspires us to continually push boundaries and establish fresh standards in the realm of digital finance. LOLC Finance has consistently embraced cutting-edge technologies, incorporating machine learning (ML), artificial intelligence (AI), and notably, Generative AI into its platforms. The strategic adoption of these technologies is geared towards enhancing overall efficiency.”

Embracing the ethos of ‘digital first’ for several years, LOLC Finance has remained dedicated to advancing digital technology across its diverse business domains. Acknowledging the gradual progression of digital evolution, the company embarked on a ‘phy-gital’ journey decades ago. Further distinguishing LOLC Finance is its exclusive position as the only Non-Banking Financial Institution (NBFI) in the country to boast an integrated IT arm, LOLC Technologies. As a forerunner in the field, LOLC Finance was among the initial Non-Banking Financial Institutions (NBFIs) entrusted with introducing Foreign Currency Savings accounts while additionally becoming the first NBFI to register for SWIFT transactions in Sri Lanka. Pioneering further in the realm of internet and mobile banking, LOLC Finance was also among the first NBFIs to integrate with the CEFTS.

The evolution of LOLC Finance iPay from a simple payment gateway to a comprehensive lifestyle payment application today exemplifies its keenness to delivering exceptional service. As iPay leads the charge in LOLC Finance’s mission to provide upgraded digital solutions to its customers, it has attracted over hundreds of thousands of users, facilitating over tens of millions of monthly transactions valued at over Rs. 12 billion. Recently, iPay marked a significant milestone, surpassing the milestone of processing nearly Rs. 250 billion worth of transactions since its inception in 2017, with over Rs. 140 billion of transactions coming in the last one year.

LOLC Finance CEO Krishan Thilakaratne highlighted how the company improves the digital banking accessibility while fostering financial empowerment across diverse segments of society. “At LOLC Finance, we are persistent in our belief that technology can be a powerful tool for empowering individuals and businesses. Our consistent triumphs at the Technnovation Awards also endorses our initiative to spearhead digital transformation and drive financial inclusion on a national scale. LOLC Finance stands at the forefront, boasting a significant portion of over 25% of the entire customer base within the NBFI sector. This statistic underscores the substantial impact of our digital vision on Sri Lanka’s evolution in digital banking. 

“LOLC Finance’s pioneering advancements have garnered praise from both industry experts and stakeholders. Innovations such as the LOLC Real Time online portal and the iPay mobile application have profoundly reshaped the digital banking landscape, introducing new levels of convenience, reliability, and security,” Thilakaratne emphasised.