Business

‘World’s most global inclusive finance platform originating in Sri Lanka transforming global communities’

Published

3 years ago

2023/02/14

U Thant Zin, Myanmar

Success didn’t happen overnight for U Thant Zin, nor did it come easily. U Thant Zin is a paddy farmer in Auglan, Myanmar. For smallholder farmers like him, the lack of collateral and expertise in the agricultural sector remain significant barriers to obtaining financing. Defying the odds, LOLC Myanmar lent an agricultural loan to U Thant Zin amounting to US$ 670 in 2019. Currently, he is the proud owner of a 10-acre paddy field owing to hard work, perseverance, and multiple loans from LOLC Myanmar.

Ruth Olawepo, an owner of a clothing store, dreamt of expanding her business to other states in Nigeria and importing readymade abayas from Senegal. She decided to partner with Fina Trust Microfinance Bank Nigeria, a subsidiary of LOLC, and availed of a loan of US$ 12,000 in 2021. Since the first loan, she is now on her third cycle with the bank and the loan amount has been increased to US$ 24,000. She currently has three shops in Lagos Island Branch and also has outlets upstate.

The lives of hundreds of such aspiring individuals around the world are being transformed through LOLC’s services that promote financial inclusion. The term ‘financial inclusion’ implies having access to useful and affordable financial products and services that meet people’s financial needs. The World Bank Group considers financial inclusion as a key enabler to reducing extreme poverty and boosting shared prosperity, while the International Monetary Fund (IMF) believes that financial inclusion facilitates efficient allocation of funds among entrepreneurs, in turn, increasing aggregate output. As a result, the benefits of inclusive finance translate into higher GDP growth. For instance, Cambodia’s GDP in 2007 was US$ 8.64 Bn (Word Bank data), whereas domestic credit to the private sector as a percentage of GDP was 18.2%. Within a time span of 13 years, Cambodia’s GDP reached US$ 25.87 Bn, while domestic credit to the private sector grew to 139.6% of GDP, making Cambodia one of the fastest growing nations in the world, with an annualised GDP growth of 9.9% within this time period. During the same period, LOLC Cambodia’s gross loan portfolio grew from US$ 18.1 Mn to US$ 830.9 Mn by a CAGR of 37.6%.

Inclusive finance is critical for borrowers at the bottom of the pyramid as it gives them quick funding for entrepreneurial finance, unlike traditional finance, which is known for red tape and a slow credit financing process, with obstacles such as the borrower not being either eligible to get a loan or the lengthy loan processing times defeating the purpose of quick loans. The difference in LOLC’s inclusive finance services is that it provides quick financing, understanding the urgency of the bottom of the pyramid entrepreneurs and their lack of collateral. Committed to supporting the growth of micro borrowers, LOLC engages in continuous dialogue with borrowers and encourages significant adoption of technology to provide smaller ticket size loans.

This has significantly boosted the global economies – with the elevation of per capita GDP of the population.

LOLC’s ambitious global growth and expansion have been propelled by its passion to provide inclusive finance. The group commenced operations in 1980 with ORIX Corporation of Japan, and then set up a leasing company to pioneer leasing in Sri Lanka in partnership with IFC and BOC. At the time, it was providing asset-backed financing, since it was difficult to access financing through traditional financial institutions. LOLC grew rapidly and by early 2000 adopted an inclusive finance strategy to enhance access to its array of innovative financial products for people at the bottom of the pyramid. Within a short span of time, LOLC became the largest inclusive finance operator in Sri Lanka. LOLC’s unique business methodology is also referred to in academia, as reflected by its inclusion as a case study in the INSEAD Business School’s prestigious MBA programme.

LOLC expanded its horizons outside Sri Lanka in 2007 by setting up its first operation in Cambodia. Since then it has been on a phenomenal journey, expanding globally and serving the bottom of the pyramid populations in each of its markets successfully. As of now, LOLC’s financial model is empowering communities in 15 countries. By the end of 2023, it will have a presence in 22 countries. Its largest inclusive finance target markets are in the developing countries of Asia, Africa and potentially Latin America. LOLC is positioned to cover a population footprint of over 2.1 Bn in Asia, which provides a glimpse into its powerful influence. Similarly, it has a presence in 7 countries in Africa, covering a 482 million population base. By the end of 2023, LOLC is looking to enter Latin America, which will be another breakthrough market for the group. Accordingly, the group will be the only finance house with a scale that has the ability to cover most of the addressable inclusive finance markets globally.

LOLC has implemented greater digitalisation of its systems and processes and is able to on-board customers digitally at the field level by empowering field officers with mobile devices such as tabs, thereby eliminating duplication, since the branch can access data directly from the tabs in real time. This enables field officers to also access information in real-time and take quick decisions at customers’ doorsteps, thereby enhancing efficiency internally while shortening the time taken to approve and disburse loans.

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Business

“We Are Building a Stable, Transparent and Resilient Sri Lanka Ready for Sustainable Investment Partnerships” – PM

Published

8 hours ago

2026/02/15

Priyan

Prime Minister Dr. Harini Amarasuriya addressed members of the Chief Executives Organization (CEO) during a session held on Thursday [3 February 2026] at the Shangri-La Hotel, Colombo, as part of CEO’s Pearl of the Indian Ocean: Sri Lanka programme.

The Chief Executives Organization is a global network of business leaders representing diverse industries across more than 60 countries. The visiting delegation comprised leading entrepreneurs and executives exploring Sri Lanka’s economic prospects, investment climate, and development trajectory.

Addressing the gathering, the Prime Minister emphasized that Sri Lanka’s reform agenda is anchored in structural transformation, transparency, and inclusive growth.

“We are committed not only to ensuring equitable access to education, but equitable access to quality education. Our reforms are designed to create flexible pathways for young people beyond general education and to build a skilled and adaptable workforce for the future.”

She highlighted that the Government is undertaking a fundamental pedagogical shift towards a more student-focused, less examination-driven system as part of a broader national transformation.

Reflecting on Sri Lanka’s recent political transition, the Prime Minister stated:

“The people gave us a mandate to restore accountability, strengthen democratic governance, and ensure that opportunity is not determined by patronage or privilege, but by fairness and merit. Sri Lanka is stabilizing. We have recorded positive growth, restored confidence in key sectors, and are committed to sustaining this momentum. But our objective is not short-term recovery it is long-term resilience.”

Addressing governance reforms aimed at improving the investment climate, she said:

“We are aligning our legislative and regulatory frameworks with international standards to provide predictability, investor protection, and institutional transparency. Sustainable investment requires trust, and trust requires reform.”

Turning to the recent impact of Cyclone Ditwa, which affected all 25 districts of the country, the Prime Minister underscored the urgency of climate resilience.

“Climate change is not a distant threat. It is a lived reality for our people. We are rebuilding not simply to recover, but to build resilience, strengthen disaster mitigation systems, and protect vulnerable communities.”

Inviting CEO members to consider Sri Lanka as a strategic partner in the Indo-Pacific region, she highlighted opportunities in value-added mineral exports, logistics and shipping, agro-processing, renewable energy, pharmaceuticals, and innovation-driven sectors.

“We are not looking for speculative gains. We are seeking long-term partners who share our commitment to transparency, sustainability, and inclusive development.”

She further emphasized collaboration in education, research, vocational training, and innovation as essential pillars for sustained economic growth.

Concluding her address, the Prime Minister expressed appreciation to the Chief Executives Organization for selecting Sri Lanka as part of its 2026 programme and reaffirmed the Government’s readiness to engage constructively with responsible global investors.

The event was attended by the Governor of the Western Province, Hanif Yusoof, and other distinguished guests.

[Prime Minister’s Media Division]

Business

High Commissioner in Pakistan urges high level business visit to Colombo

Published

8 hours ago

2026/02/15

Thilina Walpola

High Commissioner Senevirathne and Dr. Munir at meeting

The High Commissioner of Sri Lanka to Pakistan, Rear Admiral Fred Senevirathne, met Dr. Zeelaf Munir, Chairperson of the Pakistan Business Council (PBC), in Karachi on Feb. 6 and urged a high level visit of Pakistani business people to Sri Lanka, a news release from the High Commission said.

Dr. Munir, who also serves as the Managing Director and Chief Executive Officer of English Biscuit Manufacturers (EBM), leads Pakistan’s premier business policy advocacy body, which plays a key role in promoting a conducive business environment, export growth, and industrial development.

The High Commissioner who was warmly received by Dr. Munir at her office briefed her on the current economic and political landscape in Sri Lanka, highlighting the country’s improving economic outlook, enhanced political stability, and a favourable environment for foreign investment, the release said.

He also outlined the policy priorities of the new Government, with particular emphasis on ongoing economic reforms, investment-friendly initiatives, and opportunities to further strengthen bilateral economic and trade cooperation between Sri Lanka and Pakistan, it said.

He invited Dr. Munir to consider leading a delegation of prominent business leaders and investors to Sri Lanka, with a view to engaging with Sri Lankan counterparts and exploring potential investment opportunities and avenues for collaboration across key sectors.

The meeting was facilitated by. Honorary Consul of Sri Lanka in Hyderabad, Mehmood Mandviwalla, who was also present. Minister and Head of Chancery of the Sri Lanka High Commission in Islamabad, Christy Ruban, and Consul General of Sri Lanka in Karachi, Sanjeewa Pattiwila also participated at the meeting.

Business

IRONMAN 70.3 Colombo Returns, Kicks Off #ActiveColombo City Transformation

Published

8 hours ago

2026/02/15

Thilina Walpola

All partners at the Ironman 70.3 Colombo Launch with Vraîe Cally Balthazaar, Mayor of Colombo at the event held last Wednesaday at Shangri-La.

Officials from the Western Provincial Council, Colombo Municipal Council, and event organisers marked the official launch of IRONMAN 70.3 Colombo – Presented by Port City Colombo today at Shangri-La Colombo, the Host Hotel, signalling the return of Sri Lanka’s premier endurance event and the start of the long-term #ActiveColombo initiative.

Scheduled from 19–22 February 2026, the world-class triathlon will anchor #ActiveColombo Week, combining international competition with a city-wide celebration of sport, health, and urban vitality. Highlights include the KAYA Colombo – Active Lifestyle & International Expo (19–21 Feb), the family-focused IRONKIDS Colombo (21 Feb), and the IRONMAN 70.3 Colombo triathlon (22 Feb), featuring swim, bike, and run events at Port City Colombo, the Official Venue Partner.

The event is set to welcome nearly 1,000 athletes from over 49 countries, many visiting Sri Lanka for the first time, bringing international media attention and significant economic impact across hospitality, aviation, retail, and transport. As part of the globally recognised IRONMAN® circuit, Colombo now joins iconic host cities such as Sydney, Nice, and Muscat, reinforcing its position as South Asia’s emerging endurance sports hub.

“IRONMAN 70.3 Colombo embodies the spirit of resilience and excellence,” said Rajan Thananayagam, Director of Serendib Multisport (Pvt) Ltd. “This event puts Sri Lanka on the world stage and showcases Colombo as a vibrant, welcoming destination for athletes and their families.”

The launch also introduced #ActiveColombo, a long-term initiative aimed at transforming Colombo into South Asia’s leading Active City. The programme focuses on activating everyday urban spaces through parks, waterfronts, beaches, clean streets, shaded corridors, and safe environments that encourage walking, cycling, yoga, and other outdoor activities.

“Through #ActiveColombo, we aim to inspire a more active generation while strengthening Colombo’s appeal as a globally competitive capital,” said Hanif Yusoof, Governor of the Western Province. Mayor Vraîe Cally Balthazaar added that the initiative symbolises inclusive growth, promoting healthier streets, greener corridors, and vibrant public spaces for residents and visitors alike.

With signature policies such as the “Every Active Street is a Shaded Street” Shade the Road initiative, Colombo aims to combine urban health, economic growth, and international sports tourism. Experts say cities that invest in active lifestyles see 10–20% reductions in long-term healthcare costs, safer streets, and higher visitor spending.

By linking IRONMAN 70.3 Colombo with #ActiveColombo, organisers hope to position the city as a healthier home for citizens, a premier destination for high-value tourists, and a credible host for global sporting and lifestyle events, cementing Colombo’s reputation as South Asia’s Active Capital.