Business
‘World’s most global inclusive finance platform originating in Sri Lanka transforming global communities’
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.
Marking a significant milestone in maritime diplomacy, the Republic of Korea Navy’s 44th Escort Task Group (ETG), led by the warship ROKS Kang Gam Chan, made a ceremonial port call at Colombo Port on April 22, 2025. The visit underscored the strengthening of naval ties and regional cooperation between Korea and Sri Lanka.
At the heart of the visit was a strong message of strategic collaboration and regional security. Captain Kwon Yong Gu, Commanding Officer of ROKS Kang Gam Chan and Commander of the 44th ETG, expressed his gratitude for the warm reception extended by Sri Lanka. In his address, Captain Kwon highlighted the mission of the ETG and its vital role in enhancing maritime stability.
“This visit is not only a symbol of our enduring friendship with Sri Lanka, but also a reaffirmation of our shared commitment to regional peace and stability,” said Captain Kwon.
“The 44th ETG plays a pivotal role in promoting maritime security and ensuring freedom of navigation across critical waterways, a mission that resonates with the broader goals of the international community,” he stated.
The port call was the second by a Republic of Korea Navy ship in Sri Lanka in less than two years, reflecting the growing importance of naval cooperation between the two countries. The ETG, deployed regularly to high-risk zones including the Gulf of Aden and Gulf of Oman, conducts operations that combat piracy and safeguard global shipping routes.
Korean Ambassador Miyon Lee also emphasised the diplomatic dimension of the visit, noting that such exchanges serve as meaningful platforms to deepen bilateral relations. “This is not just a naval visit—it is a testament to the close ties Korea shares with Sri Lanka, both strategically and culturally,” she said.
In a celebration of cultural diplomacy, the Korean Embassy and the 44th ETG jointly hosted a K-culture event aboard the ship. Sri Lankan naval officers and local guests were treated to Korean delicacies, a Taekwondo demonstration, and a K-pop performance, showcasing Korea’s rich cultural heritage and fostering mutual understanding.
As ROKS Kang Gam Chan continues its mission in the Indian Ocean region, its port call in Colombo stands as a reminder of the increasing importance of cooperative maritime partnerships in securing global peace and prosperity.
Demonstrating the strength of talent, perseverance, and a thriving sports culture across its diverse subsidiaries, LOLC Holdings PLC delivered an exceptional performance at the 41st Mercantile Badminton Association (MBA) Novices Badminton Championship 2025. Held at the MBA Indoor Courts in Colombo from 22nd to 30th of March 2025, the championship attracted over 400 players from 52 distinguished corporates across Sri Lanka, making it one of the most competitive inter-organizational sporting events of the year.
Among the standout achievements was the Women’s Doubles Championship in the Open Category, won by Chamali Botheju of LOLC Finance and Keshini Devindi from Browns IT. The Veteran Mixed Doubles title was claimed by Sanjeewa Kularathna and Gayani Neranjala Senarathne, both representing LOLC Finance. In the Masters Over-50 Men’s Doubles category, Suresh Perera from LOLC Factors and Jayakodi Arachchige Palitha from Browns Plantations earned the position of runners-up. Adding to the accolades, Gayani Neranjala Senarathne also secured third place in the Veteran Women’s Singles, further reinforcing the depth of talent within the team.
The Group’s support for sporting excellence is strategic. By encouraging a culture that balances performance with personal passion, LOLC Holdings endorses its commitment to holistic employee well-being. The presence of a competitive yet collaborative sports culture within the Group allows employees to thrive, build camaraderie, and develop leadership and resilience in a unique setting.
To honour the victorious team, Group Managing Director, Mr. Kapila Jayawardena, together with the Group Chief Human Resource Officer, Mr. Pradeep Uluwaduge, met with all the winners along with the team’s captain, Shashika Perera encouraging sports and wellness across its Group companies.
Speaking on the significance of the achievement, Mr. Pradeep Uluwaduge stated, “This victory represents more than trophies for us, it reflects the spirit of unity, resilience, and potential that exists within our people. At LOLC, we are committed to building a workplace where personal passions are encouraged, and hidden talents are brought to light. By supporting our team members to compete on national platforms like this, we ensure that every individual has the chance to thrive, not just professionally, but personally too.”
LOLC Holdings remains steadfast in its vision of empowering its workforce through strategic investments in people-centric initiatives, especially those that promote wellness, teamwork, and personal growth. With such momentum, the Group looks forward to nurturing even more champions in the years to come, both on and off the field.
Omar Lebbe Ameer Ajwad, Sri Lanka’s Ambassador to Saudi Arabia, and Mohammed Munzir, Corporate Relationship Manager at Aljabr Finance Company, met at the Sri Lankan Embassy in Riyadh to discuss strengthening bilateral trade and entrepreneurship development between the two nations.
The discussions centered on advancing Sri Lankan entrepreneurship, addressing key challenges, and exploring new business opportunities. A major outcome of the meeting was the agreement to establish the Sri Lankan Business Forum in Saudi Arabia’s Eastern Region, a first-of-its-kind initiative designed to empower Sri Lankan entrepreneurs, support startups, and create employment opportunities for the Sri Lankan community in the region. This collaboration marks a significant step in deepening economic cooperation between Sri Lanka and Saudi Arabia.
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