News
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.
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Commander of the Navy pays courtesy call on Speaker of the Parliament
The Commander of the Navy, Vice Admiral Damian Fernando paid a courtesy call on the Speaker of the Parliament, Dr Jagath Wickramaratne at the Office of the Speaker, today (7 July
2026).
The meeting marked the Commander of the Navy’s first official interaction with the Speaker following his assumption of command of the Sri Lanka Navy. During the cordial discussion, they exchanged views on the Navy’s role in matters of national importance.
The formal meeting drew to a close with an exchange of mementoes, signifying the importance of the occasion.
News
Prison mayhem leaves at least 26 dead; five officers killed in revenge violence
At least 26 people, including five prison officers and 20 inmates, have been confirmed dead following violent unrest at Negombo Prison, hospital sources said yesterday, as authorities struggled to restore full control over the facility.
According to unconfirmed reports the prison officers were killed by rioters yesterday morning, in retaliation, and weapons carried by those officers were grabbed by them.
Negombo General Hospital Director Consultant Dr. Pushpa Gamlath said nearly 100 injured persons had been admitted, following the clashes, and eight of the critically wounded had been transferred to the National Hospital, in Colombo, for further treatment.
The violence, which initially broke out on Sunday (5) between remand prisoners and convicted inmates, left two inmates dead and 38 others injured before being temporarily brought under control.
However, tensions flared again on Monday (6), with prison officials reporting renewed unrest inside the facility despite earlier assurances that the situation had stabilised.
Police said the initial confrontation was triggered by a dispute linked to the exposure of an alleged drug trafficking network, operating within the prison, and was reportedly orchestrated by a drug trafficker, identified as Suresh, who is said to have links to an underworld figure known as ‘Booru Moona’.
The violence rapidly escalated, with female inmates staging a protest on the Prison roof in support of those involved in the clashes, while relatives gathered outside demanding information on detainees. Police later facilitated visits for selected family members to hospitalised inmates.
The Negombo Prison, which houses around 1,800 remand and convicted inmates, descended into widespread disorder as rival groups clashed, with reports indicating that the violence later spread beyond the initial confrontation.
Authorities said rioting inmates had allegedly seized firearms during the renewed unrest on Monday, prompting heightened security measures.
The Sri Lanka Air Force deployed drones for aerial surveillance and a Bell 412 helicopter to monitor the situation, while additional military personnel were sent to reinforce security around the prison.
Prisons Department spokesperson A.C. Gajanayake said a special investigation team had been appointed, under the direction of the Commissioner General of Prisons, to probe the incident, while a separate police investigation is also underway.
Justice Minister Harshana Nanayakkara told The Island that he had called for a detailed report on the disturbances.
By Norman Palihawadane
News
Cleaner, cheaper electricity gathers momentum with rapid progress in 50 MW Mannar wind power project
Sri Lanka’s drive towards cleaner and cheaper electricity gathered fresh momentum with the reported rapid progress in the 50 MW Mannar Wind Power Project, which is expected to produce the lowest-cost wind-generated electricity in the country’s history while saving billions of rupees in annual fuel imports.
The Ministry of Energy announced that the first wind turbine for the project had already arrived in the country, while the remaining turbine components have reached the Port of Trincomalee and are currently being unloaded, signalling a major milestone in the construction of one of the country’s key renewable energy ventures.
The project, inaugurated by President Anura Kumara Dissanayake, in January this year, is expected to become a cornerstone of the government’s strategy to transform Sri Lanka’s electricity sector by expanding renewable energy generation and reducing dependence on imported fossil fuels.
According to the Ministry, electricity generated by the Mannar wind farm will be purchased at USD 0.0465 (approximately Rs. 14.37) per unit, making it the lowest tariff ever secured for wind-generated electricity in Sri Lanka.
Energy experts say the competitive tariff demonstrates the growing economic viability of renewable energy and could help stabilise future electricity prices.
The Ministry also estimates that once the wind farm is connected to the national grid, Sri Lanka will save approximately Rs. 4.7 billion annually by reducing the import of fossil fuels required for thermal power generation, easing pressure on the country’s foreign exchange reserves.
The Mannar project is expected to support the government’s ambition of substantially increasing the contribution of renewable energy to the national electricity mix, by 2030, while helping Sri Lanka move towards its long-term goal of achieving net-zero carbon emissions by 2050.
Hayleys Fentons PLC, selected through an international competitive bidding process, is responsible for the installation and maintenance of the wind turbines.
The National System Operator (NSO), operating under the Ministry of Energy, will oversee the integration and management of electricity generated by the project within the national grid.
By Ifham Nizam
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