LOLC Finance launches real-time deposits with mCash collaboration

Wednesday, 5 June 2024 00:00 - - {{hitsCtrl.values.hits}}

Representing LOLC Finance, Director/CEO Krishan Thilakaratne, Chief Operations Officer Montini Warnakula, Head of Channels, Branch Network Prasanna Karadagolla, Head of Liability Management Roshani Weerasekara, and AGM Savings and Product Development Terence Kaushalya were present. On behalf of mCash, Chief Operating Officer Sudharshana Geeganage, Senior General Manager Product Marketing Isuru Dissanayake, Manager Mobile Financial Services Vino Manohar, Senior Executive Business Solutions and Key Accounts Ruwinka Fernando, and Senior Executive Channel and Solution Development Manusha Jayasuriya, were present

LOLC Finance PLC, the largest non-banking financial institution in the country, has announced an innovative collaboration with mCash, Sri Lanka’s largest mobile money platform, enabling customers to make savings deposits through the extensive network of mCash retailers.

The Memorandum of Understanding (MoU) signed recently marks a significant step towards enhancing the accessibility and convenience of LOLC Finance savings accounts.

This shared initiative empowers customers to conveniently deposit cash into their LOLC Finance savings accounts securely and efficiently. Once customers provide their Savings Account Number, Mobile Number, and the desired Deposit Amount to a mCash retailer, the retailer, using the mCash platform, can facilitate the payment process. The savings account is then credited in real-time. Both the customer and the retailer receive timely notifications confirming the success or failure of the transaction.

LOLC Finance Director/CEO Krishan Thilakaratne conveyed his pleasure about the collaboration, emphasising, “Our capacity for delivering innovative and convenient financial solutions lies at the very heart of LOLC Finance’s mission. This strategic partnership with mCash serves as a clear validation of our potential in advancing the landscape of financial services. By joining forces, we aim to streamline the financial journey for our esteemed customers, ensuring a unified and empowered financial experience that resonates with the evolving needs of today’s dynamic markets.”

The collaboration between LOLC Finance and mCash is set to redefine the landscape of savings and deposits, providing customers with exceptional convenience and accessibility. This partnership strengthens LOLC Finance’s position as a leading player in the financial services sector.