LOLC expands into Zambia
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Ms. Freda Tamba, Director, Non-Bank Supervision, Bank of Zambia and Elmo Jayetileke, Chief Executive Officer, Africa Region of LOLC, ceremonially opening the first LOLC Finance Zambia Limited branch in Lusaka.
The LOLC Group recently commenced its operations in Zambia with the official launch of its inaugural branch located in Lusaka.
The company which will operate as LOLC Finance Zambia Ltd, is a deposit-taking non-banking financial institution and will provide finance products such as home loans, motor vehicle finance, business loans, and consumer loans, among other products, thus helping to narrow the access to financial services gap in Zambia. The branch at Lusaka Cairo Road was ceremonially declared open by Ms. Freda Tamba, Director, Non-Bank Supervision, Bank of Zambia. Plans are also underway to open branches in the Copperbelt and North-Western provinces of Zambia in the near future, the Sri Lankan company said in a media release.
While LOLC has already launched operations in Cambodia, Myanmar, Indonesia, Pakistan, Philippines and Nigeria, LOLC Zambia is LOLC’s ninth overseas finance operation.
LOLC says the company is currently Sri Lanka’s most profitable listed entity for two consecutive years, emerging as a “Sri Lankan global player” in a short span of time.
With its financial strength and the perfected microfinance business model in the region, the group is well-positioned to expand its operations beyond Asia, serving a large ‘Bottom of the Pyramid’ population. LOLC, keenly looking to establish its breakthrough impact finance lending model across Africa, replicating its success in Asia, made its debut to Africa in 2019 by acquiring a microfinance bank in Nigeria and by starting LOLC Finance Zambia as a green field project. Today, with promising strategic investments, LOLC looks to increase its presence throughout the African region in the years to come.
Speaking about the entry into Zambia, LOLC Group Managing Director/CEO, Kapila Jayawardena said, “Zambia is a very important market to us as it is one of the fastest growing economies in Africa. There is enormous opportunity and potential for micro-entrepreneurs to expand their businesses and for enhanced economic development. As the only Sri Lankan financial institution operating in this market, we hope to export our global expertise to Zambia as done in all other nations we are present in, to benefit mainly the MSME segment to uplift their lives through responsible lending. We hope to use our technological innovations to effectively penetrate the Zambian market”.