Lanka ORIX Finance expands worker remittance solutions

Friday, 20 April 2012 00:01 - - {{hitsCtrl.values.hits}}

Lump sum payment for loss of employment for migrant workers

Lanka ORIX Finance PLC has announced the expansion of its Worker Remittance business when it entered into a landmark partnership with a prominent global money transfer brand – Valutrans SPA.

Lanka ORIX Finance has been providing convenient, secure and affordable money transfer channels to Migrant Workers in the Middle East and Europe, through Xpress Money and Money Exchange S.A. – Spain, respectively. The new strategic alliance with Valutrans SPA will enable Sri Lankan migrant workers in Italy to access Lanka ORIX Finance’s real-time, low cost, fund transfer channel, whilst receiving many attractive, value added benefits.

Among the amazing benefits offered, migrant workers will receive a generous life insurance cover of Rs. 500,000 with the first remittance, and part re-imbursement of air fare to attend the funeral of an immediate family member. The benefits package is extended further with a lump sum payment in the event of loss of employment of the migrant worker, which is a unique offering by a non-bank licensed finance company.

Additionally, a scholarship scheme for children of migrant workers who succeed in the year five scholarship examinations is in place, thereby extending the benefits package to their family members. This special scholarship award scheme provides children financial grants to purchase school books and other educational equipment until the time they sit for the GCE (O/L) Examination.

According to this Worker Remittance solution, funds could be remitted not only to accounts maintained with Lanka ORIX Finance, but also to accounts maintained with any other financial institution in Sri Lanka, including commercial banks, with no extra cost.

Funds credited to accounts maintained with Lanka ORIX Finance could be withdrawn from its network of 64 branches and savings centres, and from the 400+ Commercial Bank ATM network across the island. The most striking feature of this service is the absence of any receiving end charges, irrespective of whether the accounts are maintained with Lanka ORIX Finance or any other financial institution or bank.

“While assuring real-time crediting of remittances received during business hours to accounts maintained with us, transfers to accounts maintained with other financial institutions and banks will be arranged within a working day. Therefore, their loved ones back home will be able to retrieve the remitted funds at no additional cost. Furthermore, customers will receive benefits which will ensure their safety and security with regard to every aspect of their employment abroad.” said Lanka ORIX Finance Managing Director/CEO Brindley de Zylva.

Adding further de Zylva said, “Safety and Convenience are the key factors of our remittance services. Partnering with Valutrans SPA, Xpress Money and Money Exchange S.A., has given us the required impetus to offer safer and convenient remittance solutions to our global customer base. In addition, this has also given us the opportunity to partner with LOLC Micro Credit Ltd (LOMC) - the Micro Credit arm of the LOLC Group- to offer families of migrant workers Micro Credit Facilities.”