Ceylinco Life ties up with eZ Cash

Sri Lanka’s mobile market leader expands eZ Cash merchant network to touch 12,000

Sri Lanka’s largest life insurance company Ceylinco Life has become the latest addition to the eZ Cash merchant outlet network which would allow eZ Cash subscribers more options to load and withdraw cash at nearly 12,000 touch points island-wide.

eZ Cash is the latest innovation in mobile based cash transactions offered to its subscribers by Sri Lanka’s largest mobile services provider Dialog Axiata PLC. The strategic partnership will allow subscribers of eZ Cash to access Ceylinco Life’s 180 plus branch network island-wide giving subscribers unparalleled reach to send and receive cash from rural villages to bustling cities.

As a result, more than 850,000 policyholders of Ceylinco Life now have another option to pay their premiums direct without the intervention of sales officers.

eZ Cash, a state-of-the-art mobile money technology, enables mobile subscribers to maintain a mobile money account in their mobile phone. Using their eZ Cash mobile money account, customers can now send and receive money to/from more than 7.5 million Dialog mobile users, settle utility bills, and make payments for other goods and services, direct from their mobile phone.

In June 2012, eZ Cash became Sri Lanka’s first mobile money service after being awarded a license under the aegis of the Payments and Settlements Act No. 28 of 2005. Custodial banking services for Sri Lanka’s pioneering mobile money service are provided by Hatton National Bank PLC (HNB).

Dialog’s eZ Cash mobile payment system is further secured through the institution of a trust instrument administered by Deutsche Bank AG. The tripartite trust instrument between HNB, Deutsche Bank and Dialog Axiata PLC defined under the aegis of the regulations stipulated by the Central Bank enshrines eZ Cash within a customer protection environment on par with global best practice.

Dialog Axiata, with over 2,000 2G and 1,200 3G base stations, is Sri Lanka’s largest mobile service provider with over 7.5 million subscribers and is the leading mobile operator in enterprise business solutions.

Ceylinco Life has more than 850,000 lives covered by active policies and has been the market leader in Sri Lanka’s long term insurance sector for the past eight years. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service and professional development. Its network of more than 180 branches is the largest in the local insurance industry.