March, 14, 2018
Sarvodaya Development Finance Ltd., a leading financial firm in the forefront of micro finance industry, recently entered into a partnership with LankaPay Common ATM Network in a bid to facilitate island-wide ATM access to its discerning customers. Incorporating cutting edge technology to boost its operations, Sarvodaya Finance will be offering the exclusive LankaPay solutions viz. LankaPay Shared ATM Switch (SAS) and LankaPay Card Management System (CMS). Marking the beginning of a monumental drive, Sarvodaya Finance will be one of the very first finance companies to partner with LankaPay Common ATM Network.
As a financial firm strategically guiding and leading the grassroots of the country towards a financially inclusive society, Sarvodaya Finance specializes in supporting Micro, Small and Medium Enterprises with a host of solutions. With the advent of LankaPay solutions, Sarvodaya Finance customers can now benefit from gaining access to over 4000 ATMs across the country through LankaPay Common ATM Network. Furthermore, the new service offers a hassle-free card management system with the convenience of cash withdrawal anytime from anywhere for a fraction of the cost.
At present, Sri Lanka has made considerable progress in terms of financial inclusion compared to its counterparts in the South Asian region. However, a greater percentage encompassing those residing in the remote parts of the country as well as the disadvantaged communities are deprived of accessibility to quality life, and the exclusive services of mainstream banks and financial institutions. Many factors impact a country’s financial inclusion viz. literacy level, age, distance to financial institutions, documentation, trust in formal financial institutions as well as and income level of individuals. Sri Lanka is currently in the process of devising a strategic plan to implement a nation-wide drive for boosting financial inclusion. In line with the national plan spearheaded by the Central Bank of Sri Lanka, Sarvodaya Finance has stepped forward to mitigate the gap, by reaching out to the disadvantaged communities spread across the country through its numerous MSME solutions.
Expressing his views on the new partnership, Chief Executive Officer of Sarvodaya Development Finance Mr. Dharmasiri Wickramatilake stated, “The new synergy formed with the country’s ATM network will positively contribute to enhance the financial inclusion at grassroot level, which in turn will support the overall economic growth of the country. Financial inclusion should be a priority of a country’s economic system, as it involves the entire community including the disadvantaged groups into the mainstream financial system. The drive will not only provide financial lending to launch a venture but will also bridge the gap of information asymmetry, providing the beneficiary with imperative financial knowhow in order to conduct a business successfully.”
Elaborating further Mr. Wickramatilake added, “As breakthrough technologies emerge from time to time, we as a country are compelled to embrace the innovation and adapt our systems to keep abreast of the new developments. Digitalization is dominating the financial industry and with the partnership with LankaClear we will be able to pass on the benefit of new technological developments to our Customers Island wide, where they can experience more convenient and hassle free service. This milestone agreement will enrich our grass root level community towards financial inclusion and establish links with the financial industry.”
Image: The Management of Sarvodaya Development Finance posing with the new ATM card. (From L to R) Mr. Dharmasiri Wickramatilake – Chief Executive Officer, Mr. Channa de Silva – Chairman, Dr. Vinya Ariyaratne – Director and Mr. Chaminda Rajakaruna – Director are pictured here.