Sarvodaya Development Finance Limited, a pioneer in microfinance in Sri Lanka, recently entered into a technology partnership with 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 among 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.
Chief Executive Officer of Sarvodaya Development Finance Limited Mr. Dharmasiri Wickramatilake said, “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.”
Chief Executive Officer of Mobitel 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.”