Lanka ORIX Finance expands worker remittance solutions

Lanka ORIX Finance PLC has expanded its worker remittance business by signing a partnership the global money transfer brand - Valutrans SPA.

Lanka ORIX Finance has been providing money transfer channels to migrant workers in the Middle East and Europe, through Xpress Money and Money Exchange S.A. and Spain.

The alliance with Valutrans SPA will enable local migrant workers in Italy to access Lanka ORIX Finance's real-time, low cost, fund transfer channel, whilst receiving many benefits.

Among the benefits offered, migrant workers will receive a life insurance cover of Rs 500,000 with the first remittance, and part re-imbursement of air fare to attend the funeral of an immediate family member.

The benefits package is extended further with a lump sum payment in the event of loss of employment of the migrant worker, which is a unique offering by a non-bank Licensed Finance Company said the Managing Director/CEO of Lanka ORIX Finance PLC, Brindley de Zylva.

A scholarship scheme for children of migrant workers who succeed in the year 5 scholarship examinations is in place, thereby extending the benefits package to their family members.

This special scholarship award scheme provides children financial grants to purchase school books and other educational equipment until they sit the GCE (O/L) examination.

He said that according to the worker remittance solution, funds could be remitted not only to accounts maintained with Lanka ORIX Finance, but also to accounts maintained with any other financial institution in Sri Lanka, including Commercial Banks, at no extra costs.

Funds credited to accounts maintained with Lanka ORIX Finance could be withdrawn from its network of 64 branches and savings centres, and from the 400+ Commercial Bank ATM network across the island.

There are no receiving end charges, irrespective of whether the accounts are maintained with Lanka ORIX Finance or any other financial institution or bank.