New dimension in foreign currency business from LOFC
Lanka ORIX Finance (LOFC) has one of the largest deposit bases in the
Registered Finance Company sector. A member company of the LOLC Group,
LOFC commenced commercial operations in June 2003 and was listed in the
Colombo Stock Exchange last July.
As a Registered Finance Company (RFC) engaged in Finance Business its
product range includes mobilizing savings and fixed deposits in both
local and foreign currency by way of NRFC, RFC and SFIDA accounts,
offering credit facilities such as loans, hire purchase and finance
leases. In addition, LOFC operates as a trustworthy channel for worker
remittance – one of the fastest developing businesses of the company
today.
Managing Director/CEO
Brindley de Zylva |
Recently, the Company entered into a landmark partnership with the
International Fund for Agricultural Development (IFAD) headquartered in
Rome, Italy to implement a special program to uplift the living
standards of rural poor in Sri Lanka by conducting a series of
educational programs aimed at raising awareness among migrant worker
families on meaningful financial management and investment, they hope to
economically empower rural Sri Lankans who seek foreign employment
through financial inclusion. Migrant workers are given assistance in
setting financial goals through special training programs and thereafter
guidance and support to achieve same.
“The aim of doing this project is Economic Prosperity for Rural Poor
through Remittances Disbursed via Lanka ORIX Finance” says, Brindley de
Zylva, Managing Director/CEO. Explaining the benefits behind this
program de Zylva added, “This program will offer them a free life
insurance cover though the Insurance arm of the Group, LOLC Insurance
Company Ltd which will cover any unexpected visits back home in case of
a bereavement of an immediate family member or on loss of employment of
the Migrant Worker. “
Similarly, the company has linked with LOLC Micro Credit Company Ltd
to offer micro loans for income generating activities to reduce the
dependence on remittances and ensure a source of sustainable income
hastening the return journey of the migrant worker.
In order to ensure that their remittances reach their loved ones
safely back home, LOFC has partnered exchange houses such as Xpress
Money, Valutrans and Money Exchange Spain. Lanka ORIX Finance is the
only non-banking institution in Sri Lanka to have joined the SWIFT
network and be listed in the Bankers Almanac.
De Zylva said, “Since launching our Fixed Deposit schemes and our new
value additions for Foreign Currency Business, we have attracted many
Sri Lankans with investments in Foreign Banks to place these deposits
with us. This is a testimony to the strength and stability of LOFC. We
also offer better returns for their investments and value added benefits
in Sri Lanka.”
Senior Citizens are given special treatment with higher interest
rates and an emergency medical scheme covered by a strategic alliance
with Medicalls.
Nearing a decade of experience as a RFC, Lanka ORIX Finance is the
only Finance Company backed by a global financial giant, the ORIX
Corporation of Japan and the first/only RFC authorized by the Central
Bank of Sri Lanka to engage in foreign currency business. At present,
the company has an island wide presence through its footprint of over 50
branches strategically located at various parts of the island. |