Demonstrating the rising use of digitally-backed products and services in the financial services space, Mobitel and LOLC Finance PLC partnered to offer Digital Loans for the First Time in Sri Lanka via the mCash mobile money platform. Garnering attention from the international finance industry for this innovation, the International Business Magazine recently recognized and awarded Digital Loan via mCash as the ‘Best Digital Finance Partnership Sri Lanka’ and the ‘Most Innovative Digital Financing Product Sri Lanka’ for 2018. The International Business Magazine is a pioneer flagship journal brand seeking to motivate, choose amongst best talents, develop key policies, and bring out innovative deals amongst a diverse spectrum of industries complying with business, financial and other lead markets.
The Digital Loan service is a ‘Mobile Based Consumer Loan’ provided by Mobitel (Pvt) Ltd to its mCash Customers with the collaboration of a financial institution. It is the one and only innovative digital financing product in the market where customers can simply apply for a loan through their mobile phones. All pre-paid and post-paid Mobitel subscribers are eligible to obtain a Loan via their mobile via mCash. This Loan is a break-through innovation for customers who are constantly in need of convenient and efficient ways of conducting financial transactions. LOLC Finance PLC is Sri Lanka’s largest Non-Banking Financial Institution providing a comprehensive range of financial services.
Apart from extending financial inclusion, mCash has redefined the way consumers carry out transactions with the use of a mobile phone. mCash has experienced immense growth over the last few years with a large clientele and growing customer base that continues to expand countrywide. Mobitel’s mCash has transformed the mobile money concept in Sri Lanka by introducing innovative features, and constantly creating ways in which mCash can be more inclusive and adapted to customer lifestyles.