LOLC Finance Overview and Services

LOLC Finance is a leading microfinance institution in Sri Lanka, providing accessible financial services to millions of individuals and small businesses.

LOLC Finance offers a range of financial services, including loans, savings, and insurance products.

The company has a strong presence in rural Sri Lanka, with over 300 branches across the country.

LOLC Finance is committed to promoting financial inclusion and empowering individuals and communities to achieve their economic goals.

LOLC Finance has been in operation since 2001, making it a relatively new player in the financial services industry in Sri Lanka. It has established a presence in various countries, including Cambodia, Myanmar, and Zambia.

LOLC Finance PLC is the largest non-banking financial institution in Sri Lanka, with a remarkable performance recording Rs.21.5 billion profits for the fiscal year 2023/24 with 39% YoY growth. This outstanding performance underscores the company’s strategic excellence and robust market position.

LOLC Finance has a diverse range of subsidiaries, including LOLC Finance, LOLC Development Finance, LOLC Securities, and LOLC Life Assurance. These subsidiaries cater to various financial needs, from loans and investments to insurance and securities.

Here is a breakdown of LOLC Finance's financial performance over the past few years:

LOLC Finance has received several awards and recognitions for its outstanding performance and commitment to sustainability. These include the Green Business Commitment of the Year award in the non-banking sector and the People’s Financial Services Brand of the Year award.

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LOLC Finance has a strong management team in place. D.M.D. Krishan Thilakaratne serves as the Chief Executive Officer, overseeing the company's overall strategy and direction.

The Executive Committee consists of five members, each with a distinct role: CEO, Director of Finance/CFO, Chief Tech/Sci/R&D Officer, Chief Administrative Officer, and Compliance Officer.

Key members of the Executive Committee are D.M.D. Krishan Thilakaratne (CEO), Buddhika Weeratunga (Director of Finance/CFO), Charuka de Silva (Chief Tech/Sci/R&D Officer), Ranjan Gunatileka (Chief Administrative Officer), and Jithendra Gunatileka (Compliance Officer).

The Board of Directors is composed of six members, including P. A. Wijeratne, Francisco Dias, Kandiah Sundararaj, D.M.D. Krishan Thilakaratne, Brindley de Zylva, and A. J. Luxman Peiris.

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The Executive Committee of LOLC Finance PLC is a team of experienced professionals who oversee the company's operations. D.M.D. Krishan Thilakaratne is the CEO, a role he has held for a significant period, at the age of 54.

Buddhika Weeratunga serves as the Director of Finance/CFO, but his age is not publicly disclosed. The company's Chief Tech/Sci/R&D Officer is Charuka de Silva, but his age is also not mentioned.

Ranjan Gunatileka is the Chief Administrative Officer, but his age is not available. Jithendra Gunatileka is the Compliance Officer, and his age is also not publicly disclosed.

Here is a brief overview of the Executive Committee members:

The Board of Directors Composition is an essential aspect of a company's management and governance. The Board of Directors is responsible for overseeing the overall strategy and direction of the company.

Francisco Dias serves as the Chairman of the Board of Directors at LOLC Finance PLC. He has not specified a start date for his tenure.

The Board of Directors at LOLC Finance PLC consists of experienced professionals with diverse backgrounds. P. A. Wijeratne has been a Director/Board Member since May 25, 2017.

Here are the key members of the Board of Directors at LOLC Finance PLC:

Brindley de Zylva, a seasoned Director/Board Member, has been serving the company since July 19, 2011.

Factors Limited is a pioneer in the factoring industry in Sri Lanka, with a rich history dating back to 1992.

LOLC Factors, a subsidiary of Factors Limited, commenced operations that year as the first factoring company in Sri Lanka.

The company was established to cater to the growing demand for working capital through its range of services.

These services include factoring, structured working capital loans, purchase order financing, and cheque discounting.

You can find the unique SWIFT code for your local LOLC Finance Plc branch by checking the table above, contacting your branch directly, or logging into your online banking to view international transfer instructions.

If your branch doesn't have a unique code, it likely uses the head office code by default. This is a widely accepted fallback.

Not all LOLC Finance Plc branches share the same SWIFT code, especially high-volume or specialized corporate branches may have unique codes for specific locations or functions.

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To check if your local branch has a unique SWIFT code, you can refer to the table above for a list of Lolc Finance Plc branches with individual codes.

You can also contact your branch directly to inquire about their specific SWIFT code.

If your branch doesn't appear to have its own code, it likely uses the head office code by default.

Always try to use the SWIFT code specific to your branch if available, as this is the most accurate option.

If a unique code isn't available, the head office code is a widely accepted fallback for international transfers.

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Unguka is a microfinance bank that originated in Rwanda.

Unguka Bank PLC was licensed by the National Bank of Rwanda in 2005 as a Microfinance Institution.

It was the largest microfinance bank in Rwanda in terms of assets at the time.

LOLC acquired Unguka Bank PLC in 2023 and transitioned it to a microfinance entity.

The bank was rebranded as LOLC Unguka Finance as a result of the acquisition.

LOLC Unguka Finance is a microfinance entity, not a bank.

LOLC Al-Falaah is the dedicated Alternate Financial Services Unit of LOLC Finance, established to ensure all products and services are handled in compliance with Islamic principles.

Customers can access Al-Falaah's products through their dedicated centers and LOLC Finance's island-wide branch network.

LOLC Finance offers a range of services and products to cater to different financial needs.

Their flagship product is LOLC Money, a mobile wallet service that allows users to store and manage their money digitally. This service enables users to make transactions, pay bills, and transfer funds securely and conveniently.

LOLC Finance also provides access to a network of over 2,000 agent locations across Sri Lanka, making it easy for customers to deposit and withdraw cash.

Their services are designed to be user-friendly, with a simple and intuitive interface that makes it easy for customers to navigate and manage their finances.

LOLC Finance has a strong presence in rural areas, with a large number of agent locations in these regions, making financial services more accessible to people in these areas.

Their services are also designed to be inclusive, with a focus on serving the needs of low-income and marginalized communities.

LOLC Finance has partnered with various organizations to provide financial services to these communities, including microfinance institutions and non-governmental organizations.

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LOLC Finance has made a remarkable impact in Sri Lanka's financial landscape. The company reported Rs.21.5 billion profits for the fiscal year 2023/24 with 39% YoY growth, representing an ROE of 20%.

LOLC Finance's commitment to cost efficiency, digital transformation, and customer-centricity has played a significant role in its outstanding performance. The company's strategic consolidations have also contributed to its robust market position.

LOLC Finance has been recognized for its environmental leadership, receiving the Green Business Commitment of the Year award in the non-banking sector. This prestigious accolade highlights the company's dedication to sustainable and environmentally conscious business practices.

The company's financial performance has consistently improved over the years, as seen in the table below.

LOLC Finance has a diverse range of subsidiaries, including LOLC Securities, LOLC Life Assurance, and LOLC General Insurance.