BRAC Lanka Finance opens first regional office

BRAC Lanka Finance PLC, LOLC Group’s newest addition to its micro-financing sector recently opened its first regional office at E.M.W. Jayasooriya Mawatha, Nupe, Matara. BRAC’s first regional office is equipped with modern service facilities and is driven by a team of highly experienced and dedicated personnel.

Last year, Commercial Leasing Company PLC, a group company of LOLC acquired BRAC Lanka Finance. Catering to the lowest end of the micro lending segment in the country, BRAC is renowned as Sri Lanka’s only micro finance company with the highest level of female participation. BRAC’s total client base of 160,000 comprises entirely of female borrowers whilst 93% of its staff members are female. Furthermore, the field operations are completely handled by BRAC’s female staff. Through a large network of service centres scattered throughout many rural areas of the island, BRAC steers ahead with its primary objective of empowering women.The companyfocuses on lending exclusively to women entrepreneurs who are engaged in self-employment, manufacturing, trade and service providing.

Speaking at the opening ceremony of BRAC’s first regional office in Matara, Kapila Jayawardena, Group Managing Director and CEO who participated as the Chief Guest said, "BRAC has the potential to further enrich the group’s microfinance vision through its unique business model by penetrating more into the business activities of female entrepreneurs in the bottomlayer of the pyramid across the country".

Sharing his thoughts, Deputy CEO of BRAC Lanka Finance PLC, Rohana Kumara said, "This is just the beginning of our expansion plans. In addition to expanding our footprint, we hope to introduce a new IT system which will enable us to expand our product portfolioto our female borrowers. Currently we offer group loans and leasing facilities, but in the very near future we hope to provide urban micro financing loans, individual loans, development loans as well as home improvement loans".

Ashan Nissanka, Chief Executive Branch Network of the LOLC Group, other Senior Management members and staff members of LOLC and BRAC, as well as customers were present during the ceremonial activities that took place at the Matara regional office opening. Central Bank Regional Manager of the Matara regional office, Upali Hettiarachchi also attended the ceremonial opening.

Driven by a unique and sustainable business model, BRAC intends to offer its clientele a range of other meaningful, value added services such as training and knowledge enhancement sessions, literacy improvement workshops and marketing and sales training and basic knowledge in book keeping. Together with its sister company LOLC Insurance; BRAC also plans to introduce a micro insurance scheme to mitigate the risks faced by its borrowers.

Backed by LOLC’s extensive experiencein the micro credit business and with the support of international agencies, BRAC hopes to introduce industry best practices to reinforce its unique business model and therebyensure the sustainable improvement of the less privileged rural communities it caters to.

Courtesy: The Island 9 September 2015