Mobitel mCash partners with Alliance Finance Company PLC for micro financing solutions platform
The National Mobile Service Provider Mobitel partnered with Alliance Finance Company PLC, one of Sri Lanka’s oldest and trusted finance companies, in a new initiative to facilitate Mobitel’s mobile money platform, mCash to deliver Alliance Finance micro finance solutions in a technologically efficient and productive manner.
The venture comes as a “First of its kind” in Sri Lanka where Mobitel mCash will offer its services to streamline financial services and processes of Alliance Finance to create a productive and competent mechanism to carry out its micro finance functions. The array of financial solutions offered by Alliance Finance would be effectively catered to support customer needs through the technological assistance delivered by the robust mCash platform.
The technological resources and knowledge contributed by Mobitel mCash for the initiative would further harness growth potential that would enable Alliance Finance to tap new and upcoming markets that require micro finance solutions for multiple purposes. The advanced mCash technology will facilitate business prospects in some of the most remote and distant regions outside urban communities.
Mobitel Chief Executive Officer, Ranjith G. Rubasinghe stated, “Mobitel has increased its focus on assisting businesses by offering technologically superior solutions to improve efficiency and business processes. Partnering with Alliance Finance gives us the opportunity to do that while playing a key role in supporting the internal functions of Alliance Finance. mCash is the ideal platform for this type of support service and we believe that our partnership with Alliance Finance will go from strength to strength.”
Alliance Finance Managing Director, Romani De Silva commented, “This initiative taken by the micro finance Strategic Business Unit is a sentiment to the emphasis placed on innovative thinking by the group in making financial inclusion a possibility to all members of our society. It will indeed expand the possibilities of reaching new markets and create increasing opportunities for business.”
Alliance Finance is Sri Lanka’s third oldest licensed finance company, and is renowned for the stability and level of unparalleled quality of service maintained over the years. The Alliance Finance Micro Finance Division established in 2013, was created to form the most effective micro finance company in Sri Lanka by facilitating higher standards of living for underserved communities. Currently Alliance Finance serves a customer base of over 56,000 active customers with a portfolio of Rs. 1.55 billion through a network of 40 branches across 19 districts nationwide.
Mobitel mCash is licensed under the Central Bank of Sri Lanka and has experienced rapid growth while preserving a strong presence in the country. mCash allows Mobitel customers to maintain a mobile money account and experience a whole new and convenient mechanism of carrying out financial transactions through an array of innovative services. Customers can deposit, withdraw or transfer money, while also enjoying the convenience of settling utility bills, insurance premiums, leasing payments and making payments for purchases of goods and services over the counter as well as online through the mCash service.
