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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Lanka Orix Leasing Company (LOLC) Group announced that the group is aiming to offer its micro-finance offerings to one billion customers by further expanding into the South Asian and Mekong regions.

Lanka Orix Leasing Company (LOLC) Group announced that the group is aiming to offer its micro-finance offerings to one billion customers by further expanding into the South Asian and Mekong regions.

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Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Lanka Orix Leasing Company (LOLC) Group announced that the group is aiming to offer its micro-finance offerings to one billion customers by further expanding into the South Asian and Mekong regions.
Speaking exclusively to Ceylon FT recently, LOLC Group Chief Operating Officer (COO) & Chief Legal Officer (CLO) Kithsiri Gunawardena said, "Our target is to have a client base of one billion customers in South Asia and Mekong regions. We are already operating in Cambodia, Pakistan and Myanmar and plan to expand into Indonesia, Philippines, Vietnam and Laos."


Gunawardena also announced that the group is concluding a transaction to acquire a micro-finance firm in Indonesia for US$ 2-3 million by end of next month. Commenting on the investment, he said that the Group's strategy always have been to start small and grow gradually by identifying the customer, which is a key growth factor in micro-finance sector. Further commenting on LOLC's success in the micro-finance sector, he pointed out that LOLC micro-finance has been recognized as one of the best micro-finance models in the world and it's the foreign funding agencies which initially pushed LOLC for foreign expansions.
Gunawardena emphasized that the country's micro-finance sector still has immense potential as there are 8 million households which are in poverty with restricted access to formal financing.

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