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.