Mobitel, LOLC Finance launch breakthrough digital loans via mCash

From left: Mobitel Mobile Financial Services Product Executive Gayan Kalugamage, Mobile Financial Services General Manager Kalhara Gamage, Senior General Manager Isuru Dissanayaka, and CEO Nalin Perera; LOLC Finance PLC Director/CEO Ashan Nissanka,  LOLC Group Managing Director Kapila Jayawardena, LOLC Group Deputy Chairman Ishara Nanayakkara, and LOLC Finance PLC Executive Deputy Chairman Ravi Tissera 

Reinforcing its market leadership and strengthening its partner base, Mobitel has joined hands with LOLC Finance PLC to offer digital loans for the first time ever in Sri Lanka via its mCash platform. 

This initiative is a breakthrough method of providing a loan via one’s mobile device. Digital Finance Loans is a ground-breaking product for customers who are in need of a convenient and efficient digital financing solution. 

The launch of Digital Finance Loans is being hailed as a pioneering step in the history of the Nation’s financial services industry - a truly historic moment that makes simply obtaining a loan through a mobile device a reality. Reputed for delivering innovative and real-world financial solutions, LOLC Finance PLC is Sri Lanka’s Non-Banking Financial Institution (NBFI) giant. Conceptualised by the National Mobile Service Provider, Mobitel mCash is revolutionising the country’s electronic payments landscape while extending financial inclusion. Mobitel through mCash has redefined the way consumers carry out transactions with the use of a mobile phone. mCash has experienced immense growth over the last few years with a large clientele and growing customer base that continues to expand countrywide.  

Commenting on this revolutionary product, Mobitel CEO Nalin Perera said: “Mobitel has played a significant role in digitalising most of the traditional transactions through innovative solutions and has extended greater convenience to the lives of their valuable customers. Time is of the essence for people, and having the facility to apply for loans via any device is a truly revolutionary initiative. This is yet another pioneering solution from Mobitel to empower customers with easier access via digitalisation of products and services. I would like to thank LOLC Finance PLC for partnering us in this breakthrough product, which embodies our mutual dream of ensuring financial inclusion for each and every one in Sri Lanka. The trusted credentials of Mobitel mCash and LOLC Finance PLC will no doubt ensure widespread adoption of digital loans as and when an individual’s requirement arises.”

LOLC Finance PLC Director/Chief Executive Officer Ashan Nissanka said: “LOLC Finance PLC has a rich history of offering market-leading, value-added services, coupled with superior customer convenience and security. Our vision to become a truly customer-centric organisation is further reinforced with the launch of digital loans in partnership with Mobitel mCash, which enables us to digitalise and simplify the loan process. There is no doubt that the digital platform is the preferred mode of interaction for many customers, and this innovative launch of digital loans enhances customer convenience by leaps and bounds. We are proud to be associated with mCash in this historic initiative.”

To apply for the loan, the applicant has to become a registered mCash customer by dialling #111# from any Mobitel connection. Once the customer is registered for mCash, customers can check their eligibility for a loan and then apply via mCash to LOLC Finance PLC. The approved loan from LOLC Finance PLC will then be disbursed to the customer via mCash. Customers can visit any of the Commercial Bank or Sampath Bank ATMs, or a Mobitel Branch, SLT Teleshop, Singer Mega, Singer Plus, Singer Homes, Sisil World Showrooms, or any of the 16,000+ mCash retailers island-wide to withdraw the loan amount from their mCash Account. The customer could also use the approved loan amount to pay utility and institute bills, pay for shopping, and even use the loan amount to send money to any other mCash User. The maximum loan amount of this service will be Rs. 25,000. Prior to the first loan being granted, the customer is required to register for the service by completing the KYC (know your customer) information form and sign the relevant loan agreement with LOLC Finance PLC. This is a onetime agreement which will be valid for a period of two years. This service is accessible through any basic mobile phone simply by dialling the USSD code #111# and through any Android device by downloading the Mobitel mCash app from the Play Store.