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LOLC Finance bags five golds at Technnovation Awards 2022
LOLC Finance PLC proved its excellence yet again in the digital financing sphere, competing with the country’s prestigious banks and NBFIs to win five top awards.
LOLC Finance was bestowed with the Gold titles for: NBFI of the Year for Financial Inclusivity, NBFI of the Year for Excellence in Customer Convenience, Financial Institution of the Year for Best Digital Payment Strategy, Best Mobile Application for Retail Payments Via Just Pay (Banks and NBFI), Overall Award Excellence in Inter-Bank Digital Payments (NBFI) and a Merit Award for the Most Popular Digital Payment Product (Banks and NBFI-Mobile Payment App).
These achievements by LOLC Finance marks a period during which LOLC revolutionised Sri Lanka’s rapidly growing digital footprint in the recent past, capturing the fin-tech landscape faster than any local financial service provider in the industry. LOLC Finance has risen to be the pioneer in the most innovative digital transformation in Sri Lanka.
The 4th edition of Sri Lanka’s first and the only payment technology innovation awards LankaPay Technnovation Awards by LankaClear was held on 29th March 2022 with the theme of ‘Honouring the Digital Superheroes’. The awards recognise member banks and non-banking financial institutions who have excelled in electronic transactions during a financial year. All submissions for the awards were judged by a committee of esteemed industry experts, based on the level of innovation, impact, dynamism and uniqueness.
LOLC Finance was one of the first financial institutions in Sri Lanka to break into the mobile technology domain with the launch of the LOLC Real Time online portal and the mobile app in 2014 and 2015, respectively. This first move gave the company a strong competitive advantage in the market, which has helped it make further inroads into the mobile technology space via ground-breaking new solutions such as iPay which was launched in 2017.
Commenting on winning awards, Conrad Dias (Director/CEO) of LOLC Finance said, “Winning the awards is not just a recognition of what we have done in digital banking and financial services, it is also a testament to the long term commitment towards transforming financial services to digital, creating customer convenience, trust and confidence. It was our night at the Technnovation awards, bagging the most gold awards at the event. Amidst an adverse global pandemic, we are truly honoured to be the winner of five gold titles. These honours by LOLC Finance will become the hallmarks of excellence in the NBFI sector in Sri Lanka and will improve the inclusive national drive towards transforming the Sri Lankan economy to a cashless podium”.
LOLC Finance was one of the first NBFIs that received the mandate to introduce Foreign Currency Savings accounts and the first NBFI to register for SWIFT transactions in Sri Lanka. In the internet and mobile banking landscape, the company became one of the first NBFIs to connect with the CEFTS. LOLC Finance iPay has now advanced from a mere payment gateway into a beyond lifestyle payment application offering an exceptional service. LOLC Finance is rated (SL) A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka.
News
Easter Sunday Case: Ex-SIS Chief concealed intel, former Defence Secy tells court
Former Defence Secretary Hemasiri Fernando told court on Thursday that then State Intelligence Service (SIS) Director Nilantha Jayawardena was also aware of intelligence information and had acted to conceal it, while also testifying that he believed former President Maithripala Sirisena had prior knowledge of the Easter Sunday terror attacks.
Fernando made the statement while giving evidence before a Trial-at-Bar in the case filed against him over alleged negligence in failing to prevent the 2019 Easter Sunday suicide bombings.
He said he believed that Sirisena, who at the time also held the posts of Defence Minister and Commander-in-Chief of the Armed Forces, had been aware of intelligence inputs relating to the impending attacks.
The former Defence Secretary further alleged that Jayawardena, then Director of the SIS, was also privy to the information and had acted to suppress it.
Fernando is indicted on charges of criminal dereliction of duty for allegedly failing to act on prior intelligence warnings ahead of the coordinated attacks.
Defending his position in court, he maintained that responsibility for the failure lay elsewhere.
“The President, who was the Defence Minister and head of the armed forces, had left the country. As the most senior official, I have been dragged into this case. If the information I presented had been properly examined, this case would not have been filed against me. Those responsible are still at large,” he told court.
News
NCPA gets up to seven child violence complaints daily
The National Child Protection Authority has warned that corporal punishment continues to cause serious harm to children, revealing that it receives between 2,000 and 2,500 complaints of physical violence against children each year — averaging between five and seven complaints a day.
Issuing a statement to mark the International Day to End Corporal Punishment on April 30, the NCPA said both short-term and long-term physical and psychological punishment could severely affect a child’s personality development and emotional wellbeing.
NCPA Chairperson Preethi Inoka Ranasinghe said research had consistently demonstrated the damaging effects of corporal punishment used in disciplining children.
“For decades, parents, elders and teachers have used various forms of physical punishment to discipline children, making it a socially and culturally accepted practice both at home and in schools,” she said.
The Authority stressed that corporal punishment constitutes physical abuse and should not be used under any circumstances.
According to the NCPA, complaints relating to physical violence remain the second highest category of complaints received annually by the institution, with between 2,000 and 2,500 incidents reported each year.
Based on those figures, the Authority receives approximately 5.5 to 6.8 complaints of child physical violence every day.
The NCPA further noted that under Article 19 of the United Nations Convention on the Rights of the Child, children are entitled to protection from all forms of abuse and neglect, an obligation binding on Sri Lanka since 1990.
The Authority also pointed to Article 11 of the 1978 Constitution, which guarantees freedom from cruel, inhuman or degrading treatment, as well as provisions under Section 308(A) of the Penal Code and Education Ministry circulars prohibiting physical and psychological punishment in schools.
The NCPA urged parents, teachers and caregivers to adopt non-violent disciplinary methods and to prioritise the safety and mental wellbeing of children.
News
AKD’s May Day vow: Crackdown looms as corrupt face day of reckoning
President Anura Kumara Dissanayake said that all individuals accused of fraud, corruption and other offences will be brought before the law in the coming weeks, as investigations are being intensified under the NPP administration.
Addressing the Nuwara Eliya District May Day rally on Friday, the President said the government had already strengthened key investigative institutions, including the Criminal Investigation Department and the Bribery Commission, to expedite ongoing probes.
He said a large number of cases involving alleged wrongdoing were now progressing through the legal system, with ten cases scheduled to be taken up in court during May and one case already ordered for a verdict within the month following a directive issued on April 30.
President Dissanayake stressed that the government was acting on a public mandate to ensure accountability, warning that law enforcement action would continue in the months ahead.
He said the administration had taken steps to reverse what he described as a culture of privilege enjoyed by former rulers, while focusing instead on public welfare and governance reform.
“We are making decisions for the people and ensuring that privileges of the ruling class are reduced,” he said, adding that previous governments had worked to expand their own benefits while placing burdens on citizens.
The President claimed that the NPP government had secured the trust of people across all regions, describing it as a “people’s administration” committed to working-class interests.
He also outlined the government’s broader policy direction, including ensuring stable incomes, improved education, housing, the rule of law and national unity.
Warning of further legal action, he said a significant number of individuals accused of corruption would face imprisonment in 2026, adding that no one would be above the law regardless of position or family background.
“We do not distinguish between Presidents, Prime Ministers or their families. The law will apply equally to all offenders,” he said.
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