wow.lk partners Amãna Bank to offer Sri Lanka’s first online non-credit card-based instalment scheme

Digital Commerce Lanka CEO Sheyantha Abeykoon (left) and Amana Bank CEO Mohamed Azmeer shake hands whilst exchanging the agreement signed between the two organisations

The market leader in e-commerce in Sri Lanka, wow.lk recently introduced another first for the industry by partnering with Amãna Bank to launch an online non-credit card based instalment scheme for its customers. 

Customers can now purchase products on wow.lk online and opt to apply and pay through an Amãna Bank financed instalment scheme without the need for a credit card.

At present, wow.lk already offers the widest range of online payment options for its clients ranging from credit card payments, pay on delivery, MPOS payments, Dialog add-to-bill, eZ Cash payments, cash payments in store, bank deposits and star point redemptions. In an industry traditionally perceived to be reliant on credit card payments, wow.lk has always taken the lead by offering various new and convenient payment modalities to customers. 

Speaking about the new scheme, Sheyantha Abeykoon, Chief Executive Officer of Digital Commerce Lanka Ltd., the company that owns and operates wow.lk, stated: “We operate on a principle that e-commerce is an ubiquitous offering, the benefits of which can be available to all, not only to internet savvy credit card users.  Other options like pay on delivery and this instalment scheme, allow us to extend our offering to a wider cross section of society. We are very pleased that Amãna Bank has taken this leap of faith with us and embarked on this exciting journey. wow.lk has continuously led e-commerce innovation in this country and this partnership is another example of how we are able to introduce a novel customer focused service in order to address a need in the market-place.”

Amãna Bank is the first licensed commercial bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model. Amãna Bank has been making a significant contribution to the banking landscape of Sri Lanka and has capitalized on the growing market potential of a unique banking model. Amãna Bank as a commercial bank offers a range of financial products and services including current accounts, savings accounts, term investment accounts, ladies’ savings, senior citizens’ savings, children’s savings accounts, salary savings, foreign currency accounts, home financing, leasing, SME banking, corporate banking, trade services and treasury services.

Commenting on the partnership, Mohamed Azmeer, Chief Executive Officer of Amãna Bank, stated: “We are delighted to partner withwow.lk, Sri Lanka’s leading e-commerce website, to offer this unique financing scheme. We hope that our partnership will also assist wow.lk to ensure that its entire range of products remains affordable and accessible to all.” 

The new scheme will make it significantly more affordable and convenient for customers to purchase products of their choice that are featured on the wow.lk website. Amãna Bank will be the financing partner for all purchases that are made on the wow.lk site under the non-credit card instalment scheme for customers with salaries that fit the basic credit criteria. The financing value will range from a minimum of Rs. 25,000 to a maximum of Rs. 300,000 with a payback period ranging from six to 36 months. Upon submission of the order, the product will get reserved and an agent from Amãna Bank will call the customer to proceed with the credit approval process which will be completed within three business days.

wow.lk continuously strives to meet the varied needs of the local online shopping community and delivers a convenient virtual shopping experience to customers, by providing them with a variety of affordable products and services. Part of the Dialog Axiata Group, wow.lk is now one of the largest and most reputed online e-commerce sites in the country.