Seylan Bank to offer 0% instalment plans 

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Seylan Bank said it would offer two-year credit card instalment plans with 0% interest to customers purchasing smart bicycles from Rhoda Life Private Limited.

Launched in 2020, Rhoda bicycles have become more relevant at present, by providing a new option for individual mobility, at a time when the country is facing an acute fuel shortage due to the foreign exchange crisis. The smart bicycle runs on a battery and can also be used as a normal bicycle. The bicycle is also ground-breaking, as the only customised smart bicycle linked to a smart phone application, whereby the owner can lock and unlock the bicycle through the phone.

“Rhoda is a made in Sri Lanka product. Oil prices aren’t going to come down. Sri Lanka spends over US$ 3 billion per year to import fuel. With innovative products like the Rhoda smart bicycle, we can save foreign exchange by reducing fuel imports,” said Founder of Rhoda, Eyas Fazul, speaking at a Media briefing.

He added that at present Rhoda produces 25 smart bicycles per month, and it hopes to produce 250 per month in six months time and 500 per month in one year’s time.

“Stepping beyond its traditional role as a financial service provider, the bank focuses on acting as a platform to support SMEs, youth and women entrepreneurship, and start-up businesses,” said Seylan Bank Assistant General Manager for Marketing, Gamika De Silva.

He added, Rhoda will receive banking services that will ensure a smooth flow of business, including access to point of sale machines, Internet payment gateways for online payments, and collection accounts.

By Rajiesh Seetharam