Opens branches in Chunnakam, Nelliady, Ja-Ela and Kaduwela
Adding momentum to its expansion drive, a key component of the company’s growth strategy, Ideal Finance Limited (IFL) opened four branches in strategic locations in the Western and Northern Provinces, strengthening its network to 17 locations.
IFL, which earlier announced plans to more than double its branch network within the current financial year, by adding 16 new locations, opened the new branches in Chunnakam, Nelliady, Ja-Ela and Kaduwela. These branches will offer IFL’s comprehensive suite of financial solutions including Fixed Deposits, Leasing Facilities and Gold Loans.
“The timely expansion of Ideal Finance’s footprint in key rural, urban and semi-urban areas enables our customers to access our services more easily, while also positioning the company to benefit from economic transitions taking place within the country,” Ideal Finance Deputy Chairman, Aravinda De Silva said. “The strengthening of the branch network will support in achieving the company’s growth strategy, which we are confident will propel Ideal Finance to the next phase in its progression.”
The opening of the new branches enhances IFL’s presence in significant commercial centres with high-growth potential within the Northern and Western provinces.
IFL’s rapid expansion drive follows the company attracting LKR 2 billion in Foreign Direct Investment (FDI) from India’s Mahindra & Mahindra Financial Services Limited (MMFSL). MMFSL is now Ideal’s finance’s largest shareholder with a 58.2% stake. This provides IFL the backing of a massive financial giant with over USD 11 billion assets under management, which far exceeds that of Sri Lanka’s entire banking industry.
Reflecting the enhanced stability of Ideal Finance following the receipt of the investment from MMFSL, Fitch Ratings upgraded IFL’s rating (from ‘BB-(lka)’ to ‘AA-(lka)’), with a stable outlook.
IFL also announced its best-ever annual financial performance in the last financial year (ended 31st March 2021), emphatically overcoming the impact of the pandemic. The company improved all key financial indicators from the previous year. Profit Before Tax (PBT) increased by 76% to LKR 288.4 million, on a year-on-year (YoY) basis. Profit After Tax (PAT) grew by 74% to LKR 183.8 million YoY. Gross Non-Performing Loans (NPL) ratio improved to 3.3% for the financial year, from 5.2% in the previous year.
Ideal Finance Ltd. (IFL), a NBFI registered with Central Bank of Sri Lanka, commenced operations in March 2012 with a clear focus on the rural and semi-urban sectors. Its lending portfolio consists of gold loans, SME loans, personal loans, leasing facilities for motor cars, three wheelers, agriculture vehicles and commercial vehicles. IFL has developed a quality lending portfolio, while recording sustainable annual growth in profitability.
ComBank partners with PayHere to offer Q+ users a unique eCommerce experience
The Commercial Bank of Ceylon has partnered with PayHere, Sri Lanka’s largest Aggregated Internet Payment Gateway Service, to offer users of its Q+ Payment App a unique, user-friendly and secure eCommerce experience.
Commercial Bank customers can now conveniently pay for their purchases via the Q+ app to over 3300 registered PayHere Online Payment Service enabled merchants. The Bank’s Credit, Debit and Prepaid Card holders who pay through Q+, the fastest-growing QR app in the country, will not be required to tap in their card details as this information is already stored on the app, the Bank said.
Payments to PayHere merchants via the Q+ Online Pay facility will enhance customer convenience as the transaction will only require the entering of users’ mobile numbers registered with the app. Disbursements via Q+ require authentication using a static PIN which ensures the safety and security of transactions, making the Q+ App more secure than a normal card as the customers’ sensitive data is not transmitted to merchant websites.
TAMAP drives Stakeholder Forum for Good Agriculture Practice
The inaugural meeting of the GAP Stakeholder Forum was held with the support of the Technical Assistance to the Modernisation of Agriculture Programme (TAMAP) at the Department of Agriculture in Peradeniya on 17 November 2021. Prof. Udith K Jayasinghe, Secretary Ministry of Agriculture, graced the occasion as the Chief Guest.
The Good Agricultural Practices (GAP) programme, introduced by the Department of Agriculture in 2016, was a promising step taken to minimise adverse impacts of agriculture on the ecosystem and human health while meeting steadily rising demand for food. Although the programme had an encouraging start, the overall conversion of farmers to implementing GAP remained low. Over the past six years, 1500 farmers registered as GAP producers out of the 1.8 million farmers in Sri Lanka. To align with the current policy of the Sri Lankan Government to improve ecological friendliness of farming, it is important to transform all production units towards GAP farms.
Studies showed that to achieve this goal, the GAP implementation strategies needed to be updated and infused into the mainstream agriculture, facilitating a quick transformation of the current approach towards a macro-level system. Therefore, the requirement for a rapid strategizing of such an approach followed by periodic review of GAP performance arose. This initiated the need for a stakeholder forum.
The key purpose of the forum is to provide a common platform for key stakeholders to meet in formulating a strategy to mainstream SL GAP, propose a way forward for implementation such recommendations, and to regularly review program performance and adopt remedial action to achieve GAP objectives.
Prof. Udith K Jayasinghe, Secretary Ministry of Agriculture who chaired the Forum in his opening statement commented, “GAP programme has emerged a solution to challenges faced by Sri Lankan agriculture today to improve safety of users and ensuring good environmental performance. Reinforced by facilitating legislation and approved national standards, GAP programme provides a strong foundation towards addressing above concerns.”.
Over forty participants were present at the forum, representing the various stakeholder groups comprising producers, distributers, SL GAP team, academics, and market players. Ms D. S. Ratnasinghe, Addl. Director (Agribusiness) and Dr W. M. W. Weerakoon, National Coordinator outlined the status of the GAP programme and the challenges faced.
The deliberations during the forum were broken down into five main areas: Technical, financial, institutional, and social problems faced by GAP stakeholders on maintaining production, supply, product quality, and consumer trust. Gaps in technology transfer and adoption, marketing and quality control measures and means for increased rate of adoption and GAP farm certification; Gaps in current GAP process and procedures, user friendliness and applicability; Future technological needs towards increasing production, productivity, product quality and ecosystem sustainability; and Policy needs for increased adoption of GAP to mainstream GAP into national agriculture agenda.
Prof. G. Pushpakumara, Faculty of Agriculture, University of Peradeniya and Ms Jayantha Ilankoon, ADG (Dev) moderated the forum through group activity, outcome presentations and strategic discussions on the way forward.
Concluding the forum, Dr Nihal Atapattu, stated, “TAMAP, along with the European Union that provided the funding support is very pleased to have assisted to launch several interventions that would promote recognition of GAP as a premier means of strengthening Sri Lankan agriculture in sustainably meet requirements of the domestic and export markets. TAMAP expects that the Stakeholder Forum launched today will be a milestone event in advancing GAP to achieve its potential in Sri Lanka”.
HNB’s commitment to expand e-commerce and digital payments wins Daraz award
HNB has been recognized by Daraz for exceptional contribution to its growth, in an independent endorsement of Sri Lanka’s leading private bank’s commitment to expand e-commerce and digital payments throughout the country.
The award, for the ‘Card Base with Highest Overall Growth’, was presented to HNB at the ‘Daraz Payment Partner Performance Awards 2021’. HNB, which ranks among Daraz’s best banking partners, recorded the highest growth on total payment volume, buyer engagement and total transactions month-on-month, for both credit and debit cards for the year 2020-2021.
“This award is an important validation how the local economy – both businesses and consumers – are benefiting from HNB’s cohesive programme to drive greater adoption of e-commerce and digital payments,” HNB Head of Cards, Gauthami Niranjan said. “These efforts are particularly significant at present, given how digital and contactless payments can assist in reducing the spread of the pandemic and support the Bank’s and the country’s vision to transform Sri Lanka to a cashless economy.”
Currently, HNB Cardholders enjoy multiple offers on Daraz, Sri Lanka’s leading online marketplace, a wholly-owned subsidiary of global e-commerce giant, the Alibaba Group. These include zero-interest instalment plans up to 48 months with attractive discounts for HNB Credit and Debit Cards and 10% off site-wide on Daraz for all HNB Credit Cards on purchases made during Saturdays. In addition, HNB tied up with Daraz for its 11:11 and Black Friday sales, which provided HNB Cardholders access to a range of offers and massive discounts.
HNB has been a pioneer in Sri Lanka’s banking industry in the digital banking and digital payments space. These include the launch of digital wallet and payment app, HNB SOLO and introducing Asia’s first-ever fitness-linked savings product in the form of the HNB FIT Savings Account.
With 254 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically-innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd. The bank was also ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for five consecutive years. HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020.
SL defenceless, warn experts
Dimuth on the verge of several batting milestones
Amasha smashes Susanthika’s Army record, Roshan dazzles with hurdles feat
7-billion-rupee diamond heist; Madush splls the beans before being shot
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
Unfit, unprofessional, fat Sri Lankans
news5 days ago
Treasury loses USD 18 mn as minister blocks CCD probe into generator fraud
Features6 days ago
Is President Gotabaya planning to pack his bags?
Features5 days ago
ONE NIGHT IN BANGKOK
news4 days ago
Cash-strapped govt. seeks Indian lifeline: Basil to visit New Delhi
Sports6 days ago
Aravinda points out flaws in LPL
news3 days ago
New Kelani Bridge to be declared open today by President and PM
news1 day ago
Church welcomes Prez’s promise to move against those named in Easter Sunday PCoI
Sports5 days ago
Marvelous Madugalle completes 200 Test matches