Sri Lanka’s LOLC expands operations internationally with branch in Zambia
The LOLC Group of Sri Lanka has reportedly commenced its operations in Zambia recently with the official launch of its inaugural branch located in Lusaka.
According to reports, the company which will operate as LOLC Finance Zambia Limited, is a deposit-taking non-banking financial institution and is to provide finance products such as home loans, motor vehicle finance, business loans, and consumer loans, among other products, thus helping to narrow the access to financial services gap in Zambia.
The branch at Lusaka Cairo Road was ceremonially declared open by Freda Tamba, Director, Non-Bank Supervision, Bank of Zambia. Plans are also underway to open branches in the Copperbelt and North-Western provinces of Zambia in the near future, local media reports stated.
LOLC Zambia is reportedly LOLC’s ninth overseas finance operation and LOLC has already launched operations in Cambodia, Myanmar, Indonesia, Pakistan, Philippines and Nigeria.
LOLC currently reigns as Sri Lanka’s most profitable listed entity for two consecutive years, emerging as a “Sri Lankan global player” in a short span of time, Sri Lanka’s Daily News has reported.
With its financial strength and the perfected microfinance business model in the region, the Group is well-positioned to expand its operations beyond Asia, serving a large Bottom of the Pyramid population, the report has further stated.
LOLC Group Managing Director/CEO, Kapila Jayawardena has said, “Zambia is a very important market to us as it is one of the fastest growing economies in Africa. There is enormous opportunity and potential for micro-entrepreneurs to expand their businesses and for enhanced economic development. As the only Sri Lankan financial institution operating in this market, we hope to export our Global expertise to Zambia as done in all other nations we are present in, to benefit mainly the MSME segment to uplift their lives through responsible lending. We hope to use our technological innovations to effectively penetrate the Zambian market.”
The expansion of Sri Lanka’s LOLC to Zambia in the African continent is indicative of the strength and growth of the private sector in the island nation. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka as well as look at forming partnerships or joint ventures with Sri Lankan companies.
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