LOLC expands into Zambia
The LOLC Group commenced its operations in Zambia recently, with the official launch of its inaugural branch located in Lusaka.
The company which will operate as LOLC Finance Zambia Limited, is a deposit-taking non-banking financial institution and will provide finance products such as home loans, motor vehicle finance, business loans, and consumer loans, among other products, thus helping to narrow the access to financial services gap in Zambia.
The branch at Lusaka Cairo Road was ceremonially declared open by Freda Tamba, Director, Non-Bank Supervision, Bank of Zambia. Plans are also underway to open branches in the Copperbelt and North-Western Provinces of Zambia in the near future.
LOLC Zambia is LOLC’s ninth overseas finance operation. LOLC has already launched operations in Cambodia, Myanmar, Indonesia, Pakistan, Philippines and Nigeria.
Speaking about the entry into Zambia, LOLC Group Managing Director/CEO, Kapila Jayawardena said, “Zambia is a very important market to us as it is one of the fastest growing economies in Africa. There is enormous opportunity and potential for micro-entrepreneurs to expand their businesses and for enhanced economic development. As the only Sri Lankan financial institution operating in this market, we hope to export our Global expertise to Zambia as done in all other nations we are present in, to benefit mainly the MSME segment to uplift their lives through responsible lending. We hope to use our technological innovations to effectively penetrate the Zambian market.”