LOLC Finance introduces Savi, first-ever credit card for pensioners and state employees

Thursday, 21 January 2021 00:00 -     - {{hitsCtrl.values.hits}}

Taking Sri Lanka’s largest segment on a journey towards a cashless world, LOLC Finance – Sri Lanka’s largest Non-Banking Financial Institution (NBFI) has introduced a Credit Card named, Savi which is exclusively designed to the pensioners and state sector employees across Sri Lanka. 

The card was introduced as a part of LOLC Finance’s overall digitisation strategy which is in line with the Central Bank’s ‘2020 – Year of Digital Transactions’ plan to promote and create awareness on digital payments throughout the country. 

The Savi Credit Card comes with a variety of offers and benefits exclusively for pensioners and state sector employees. The applicants are not required to pay the joining fee and the annual charges which makes their experience with the card much more rewarding. A special savings account with a free ATM card with zero charges on withdrawals and online transactions are among the many benefits offered with the Savi card. 

In addition, LOLC Finance has partnered with some of the country’s leading retail outlets to offer valuable discounts and offers to Savi cardholders. All offers, discounts and benefits as well as the balance amounts will be notified through an SMS, instantly. The dedicated 24/7 trilingual hotline 011 571 3333 has been set up to offer a personalised customer service experience, 365 days of the year. 

Speaking about the launch of the new credit card, LOLC Finance PLC Director/CEO and LOLC Holdings PLC Director Conrad Dias said, “LOLC Finance is on a mission to support and promote cashless transactions to all segments of the society. We believe, it is our duty to enable pensioners with a cashless journey with multiple benefits since they are the forefathers of our society. Our digitisation strategy has always been a definite competitive advantage that has placed us ahead of our peers at all times. 

“Empowered with the payment card acquiring license, we are geared to create a digitally enhanced payment eco-system, facilitating financial inclusion while gaining a reputation as a true disruptor in the traditional credit card business. Aside from forging ahead with LOLC Finance’s digital transformation journey, I believe these efforts will complement Sri Lanka’s migration towards becoming a cashless economy.”

LOLC Finance Head of Consumer and Digital Business Hasala Thilekaratne added, “The Savi card is designed to offer unmatched convenience and financial support to this very important segment of our economy. It is designed on a unique concept to attract and build partnerships with key service providers and to ultimately deliver significant value to the end user. These partnerships will be based on key verticals, always ensuring that the focus and relevance to the target audience is given priority, which in turn will give the end user more reasons to embrace the product. 

“Considering the uniqueness of the targeted segment and the projected scale with the product features and mind shift, we believe that these collaborations would derive mutual benefits to all stakeholders. Accordingly, we look forward to build partnerships in line with the product DNA to achieve the desired goals.  We invite corporates in the country to partner with us to harness the untapped potential of this large segment amidst the trend of digital transformation.”

In addition, Savi Cardholders are eligible to apply for an instant loan to the maximum value of Rs. 2.5 million with approvals within 24 hours to fulfil any of their urgent financial requirements. Savi also comes with an added Cardholder Protection with nominee benefits. Furthermore, trilingual service will be offered to all Savi Cardholders giving them the opportunity to communicate in the language they prefer.