LOLC Finance wins ‘Best Corporate Citizen Sustainability Award’ for economic contribution
LOLC Finance PLC was presented with the category honour “Best Corporate Citizen Sustainability Awards 2022 for Economic Contribution” as a joint award with a leading bank.
The appreciation was bestowed on LOLC Finance, for its sustainable innovative efforts and best performance displayed for the undeniable contribution made towards the upliftment of the local households and the economy at large.
The Best Corporate Citizen Sustainability Award 2022 (BCCS Awards) is an application-based award conducted by the Ceylon Chamber of Commerce for the last 19 years. The award highlights the need to mainstream business emergency preparedness, resilience and stakeholder management of a business to face unforeseen challenges.
LOLC Finance has always established its way through providing financial inclusion to the grass roots, backed by its digital technology. The organization is actively elevating the bottom of the pyramid and female entrepreneurs with rapid graduation processes in place. LOLC Finance is also in compliance with the Client Protection Principles (CPP in Sri Lanka) with structured complaint handling policies to protect customer interests.
LOLC Finance has been predominantly strong in terms of Deposit Mobilization SME Finance, Development Finance, Credit Cards and Islamic Finance. In light of its merger with its sister company, they gained substantial market share in the segments of3-Wheeler Financing and Factoring as well. Backing its way through endearing synergies, LOLC Finance is now the largest Financier to the Agricultural Sector, the largest Islamic Finance Operator, the number one Development Financier and the largest SME/MSME Sector Financier in the country, while maintaining many other market leadership positions.
As an organization which has sustainability integrated into all aspects of business, LOLC Finance extends its offering to its community, planet and stakeholders in a balanced sequence. During the period of the global pandemic and post pandemic era, LOLC Finance rescheduled a substantial amount of loans offering relief to a large number of entrepreneurs and individuals (Micro, Small & Medium (MSME) scale businesses). Moratoriums were offered to customers to overcome financial challenges.
Montini Warnakula, Chief Operating Officer of LOLC Finance PLC stated, “Despite the local and global challenges, we put sustainability at the heart of our business practices, while driving digital experiences exponentially and taking many innovative measures to enhance the overall stakeholder experience.”
“We clearly understand our role at this critical juncture of the Sri Lankan economy; we need to create more investor confidence while providing necessary financing to the crucial sectors.”