LBF launches Instant ‘Inland Money Transfer’ facility

by Charmaine FERNANDO

LB Finance launched the first inland Money Transfer system last week accepting a money transfer order to Welimada from Colombo. The very first customer was Wasantha Warnakulasuriya at the OPA Auditorium, Colombo, on Tuesday.

People in Sri Lanka have been undergoing many difficulties, due to lack of tranfering and receiving money within the country. Research data show that only a 30 percent of the rural population enjoys banking facilities. The rural business community were the most affected. These problems inspired us to innovate a novel practical solution said Sumith Adhihetty, Managing Director, LB Finance.

The first time in Sri Lanka inland money transfer is made possible now, through 37 LB Finance Pawning Centres and 21 branches spread around the island without opening any bank account. What is valuable here is the time factor. The only requirement is to fill a form which requests for the Sender’s Name, NIC Number, Reciever’s Name, NIC Number and Address. In less than a few minutes the transfer is made possible and the money is received instantly.

Instant money transfer is registered with the Central Bank and is made possible through advanced technology where the transfer process is computerized and every branch is linked to a network. The service has been designed to be very simple and fast, convenient and reliable. The service is unique in that no bank or financial service provider offers the transfer of money without signing up an account. The service is available even on Sundays offering a 7-day week instant money transfer facility.

Affordability is the key in a product of this nature. A spokesperson for LB Finance said, it costs as little as Rs. 20 per Rs. 1,000 per transfer which amounts to a 2 percent minimal charge. Our focus is on micro financing and leasing in the past few years and this new service is an initiative to make available most needed and affordable financial solutions especially to Small and Medium entrepreneurs said Adhihetty.

This instant money transfer service is expected to serve as a convenient and useful tool to a wider market comprising companies to businessmen to families and individuals.

The product promise outlines pure convenience, time saving, cost effectiveness, affordability, safety and simplicity.

It is important that this service facilitates any amount of money to be transfered without a ceiling which creates an advantage in the marketplace. Besides the confidentiality of the money transfer too is ensured and it will be a boon for business transactions.