Sarvodaya Development Finance Limited, the pioneer in microfinance in Sri Lanka, recently entered into a technology partnership with the National Mobile Service provider, Mobitel.
Keeping abreast with emerging technologies, the synergy was drawn between the two companies in a bid to introduce the next generation mobile financial services platform ‘mCash’ to its discerning customers. Sarvodaya Finance will be amongst the handful of financial firms in the forefront of leveraging on the mCash platform to streamline their business operations while boosting service quality and operational efficiency.
Sarvodaya Finance, formerly known as Deshodaya Development Finance Company Limited (DDFC), has achieved a momentous and impactful growth over the last three decades. Being a subsidiary of Sarvodaya Shramadana Movement – an internationally acclaimed pioneering social service organization, Sarvodaya Finance’s credo strongly pursues serving the nation from the grassroots. With a strong commitment towards fulfilling the national duty of guiding and supporting the underbanked population to enter the financially inclusive society, Sarvodaya has expanded its outreach to the remote parts of the country.
Approved by the Central Bank of Sri Lanka, mCash will not only streamline the existing collection process where dues are collected from the doorstep of debtors, but also boost overall checks and balance in the company. Furthermore, the mCash service platform allows the customers to perform their transactions within a completely secure environment and enjoy the service 24 hours a day, 365 days a year. Accordingly, customers will be immediately notified via SMS following each transaction.
Commenting on the occasion, Chief Executive Officer of Sarvodaya Development Finance Limited Mr. Dharmasiri Wickramatilake noted, “Digitalization is the next big thing in Sri Lanka as well as the world. Following the new partnership drawn with Mobitel, we will play a key role in guiding and supporting the untapped, underbanked customers in remote areas of the country and helping them to achieve financial stability and security to face the future confidently. I believe that Sarvodaya is currently setting the path for others to follow.”
“When considering the demographic data on banking customers, the current banking population in Sri Lanka can be improved significantly. This is mainly due to the lack of delivery points in rural areas. Through our brick and mortar offices located in remote areas, we hope to bring the emerging technology to all corners of the country, and contribute towards the country’s vision of realizing financial inclusion for all citizens through means of technology.”
Expressing his views on the synergy between Sarvodaya Finance and Mobitel, Chief Executive Officer of Mobitel Mr. Nalin Perera noted, “Mobitel is pleased to welcome Sarvodaya Finance onboard our mCash Micro Finance solution to benefit both the company and its customers by offering a cost effective and a convenient method of loan repayment. mCash was the first in Sri Lanka to offer micro finance solutions via a mobile money platform in 2015 and by adding Sarvodaya Finance to our fast-growing partner portfolio, mCash is facilitating greater financial inclusion. The mCash Micro finance solution is tailored to the needs of grassroots communities including those in remote and rural areas. We will continue to persevere with such innovation that drives social equality and uplifts livelihoods.”
The surplus earnings of Sarvodaya Finance flow back to the society through Sarvodaya Movement, a globally recognized organization incorporated by Parliament Act No. 16 of 1972.Adopting the core values of serving the underprivileged from its parent organization, Sarvodaya Finance offers a multitude of services for the small and medium entrepreneurs in all parts of the country. The lending services include micro loans, SME loans, leasing, personal loans, pawning as well as Western Union and Lanka Money Transfer facilities. Moreover, a number of saving products are also available for the customers such as ‘Pancha’ – children’s savings account, ‘Fixed Saver’ a saving account with special features, fixed deposits in addition to saving accounts for senior citizens.
Being the pioneer in microfinance industry in the country for three decades, the company offers services on par with the leading banks in the country, serving as a fully-fledged financial institution and a One-stop source for banking transactions.
Sarvodaya Finance has established its branches in remote areas such as Parakramapura, Mannar, Dehiattakandiya and so forth. Furthermore, in accordance with the national objective of inculcating the habit of saving among the poorest of the poor, the company has taken strategic measures to encourage the practice of saving from the grass roots and proactively leading them to a financially inclusive society.
The country is approaching a new dimension where technological advancements have delivered greater convenience to the customers. As a company which deeply cares about its customers, Sarvodaya Finance in partnership with Mobitel has introduced mCash – a robust and secure mobile financial platform approved by the Central Bank of Sri Lanka – to bring in a host of services and scores of benefits to its customers.