26 February 2012

Lanka ORIX Finance & IFAD Help Manage Foreign Currency Remittances of Migrant Worker Families

25th February 2012, www.island.lk

Lanka ORIX Finance (LOFC), a financial institution with one of the largest deposit bases in the Registered Finance Company sector, entered into a landmark partnership with the International Fund for Agricultural Development (IFAD) headquartered in Rome, Italy to implement a special program to uplift the living standards of rural poor in Sri Lanka by conducting a series of educational programs.

The aim of the initiative is to raise awareness among migrant worker families on meaningful financial management and investment, they hope to economically empower rural Sri Lankans who seek foreign employment through financial inclusion. Migrant workers are given assistance in setting financial goals through special training programs and thereafter guidance and support to achieve same.

"The aim of doing this project is Economic Prosperity for Rural Poor through Remittances Disbursed via Lanka ORIX Finance" says, Mr. Brindley de Zylva, Managing Director/CEO.

Explaining the benefits behind this program Mr. de Zylva added, "This program will offer them a free life insurance cover though the Insurance arm of the Group, LOLC Insurance Company Ltd which will cover any unexpected visits back home in case of a bereavement of an immediate family member or on loss of employment of the Migrant Worker. "

Similarly, the company has linked with LOLC Micro Credit Company Ltd to offer micro loans for income generating activities to reduce the dependence on remittances and ensure a source of sustainable income hastening the return journey of the migrant worker.

In order to ensure that their remittances reach their loved ones safely back home, LOFC has partnered exchange houses such as Xpress Money, Valutrans and Money Exchange – Spain. Lanka ORIX Finance is the only non-banking institution in Sri Lanka to have joined the SWIFT network and be listed in the Bankers Almanac.

Adding further Mr. de Zylva said, "Since launching our Fixed Deposit schemes and our new value additions for Foreign Currency Business, we have attracted many Sri Lankans with investments in Foreign Banks to place these deposits with us. This is a testimony to the strength and stability of LOFC. We also offer better returns for their investments and value added benefits in Sri Lanka."

Senior Citizens are given special treatment with higher interest rates and an emergency medical scheme covered by a strategic alliance with Medicalls.

Nearing a decade of experience as a RFC, Lanka ORIX Finance is the only Finance Company backed by a global financial giant, the ORIX Corporation of Japan and the first/only RFC authorized by the Central Bank of Sri Lanka to engage in foreign currency business. At present, the Company has an island wide presence through its footprint of over 50 branches strategically located at various parts of the island.

Related Info :Asia Microfinance Forum 2010 in Colombo, Sri Lanka from 12-15 October Sponsored by LOLC

1 comment:

  1. Loans are often denied on the basis of a very high risk status which leads to immense frustration and depression in people unable to get a loan. In this case, it is advisable that one takes help of independent money lenders who give loan as well.


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