The first credit card by a non-banking financial institution will be launched before the end of the year by Singer Finance PLC, the finance arm of diversified Singer group said.
“Singer Finance is the first licensed financial company to be granted a license from the Central Bank of Sri Lanka to issue a credit card, which will be introduced to the market in the latter half of the 2015 year,” the annual report said.
The credit cards will be aggressively marketed through the 410 branch network and the huge customer base of the parent Singer Sri Lanka PLC, many of whom are located in rural areas of the country.
“The Singer Finance credit card is an approved Visa card and can be used locally and internationally. The unique feature of the card is that it will empower even those in the lower income bracket to transact using the credit card,” it further added.
The company will be offering extra benefits in the form of discounts, promotions and loyalty points after the launch.