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Gold Loans Go Digital: LOLC Finance’s iPay Revolution
· Title
of News Article: LOLC
Finance Ran Savi revolutionises gold loan top-ups with iPay
·
Publication
Date: 16 July 2025
·
Source: Daily FT – Financial Times Sri
Lanka
About iPay & Its Key Functions
iPay is a secure, user-friendly digital payment platform developed by LOLC Group to facilitate seamless financial transactions. It plays a central role in LOLC Finance’s push toward a cashless, digitally connected ecosystem.
Key Functions of iPay:
- Digital Gold Loan Top-Ups – Enables instant gold loan enhancements without branch visits.
- Bill Payments & Fund Transfers
– Users can pay
utility bills, transfer money, and make merchant payments.
- Account Management – View loan balances, due dates,
interest, and transaction history in real-time.
- Secure Transactions – Customer data and payments are protected
by multi-layered security.
- Multi-Service Integration – Connected to LOLC savings, insurance, and loan products for one-click access.
iPay is designed to be inclusive, intuitive, and mobile-first, helping Sri Lankans of all income levels manage finances more effectively. By integrating gold loan services into iPay, LOLC Finance is transforming traditional financial services into smart digital experiences.
LOLC Finance being one of the most established Non-Bank Financial Institution (NBFI) in Sri Lanka, faces an important role of contributing to credit gaps especially to the informal and rural borrowers who are a lot of the time deprived of traditional banking channels. Digitally transforming a Ran Savi Gold Loan product using the iPay app, LOLC can be understood as an illustration of how NBFIs can use technology to promote financial inclusion and meet the demands of the underserved populations as they change. The innovation not only adds convenience to customers but is also a part of the larger trend that sees the process of financial intermediation being transformed to the use of digital platforms, where loans can be distributed and repaid without the need to go into a branch all the time. This kind of digital revolution enables LOLC to grow its operations in a cost-efficient manner and provide customized, flexible credit options that even commercial banks might not be able to offer.
In
addition to this, the incorporation of the gold loans with a digital payment
system such as iPay helps a great deal in streamlining its operations and
assists in the decision by the Sri Lankan government to shift to a cashless
country. This digital solution helps to reduce dependency on cash transactions,
making it more effective when it comes to the work of monetary policy and even
the monitoring of the movement of money. Snap-time updates, immediate
notifications, and transparent valuation of the collateral increase customer
assurance and act to discipline their finances. Furthermore, gold loans can be
used as collateral, and hence, with digital management of such loans, LOLC will
not only be in a better position to manage its credit risk but also help the
borrowers gain confidence, when clubbed together, these developments boost the
financial ecosystem by enhancing the intensity of access, risk management, as well
as the pace of fintech innovations.
iPay:
Vision Realized Through Digital Innovation
When LOLC Group came up with the idea of iPay, their goal was to devise a complete digital financial ecosystem that makes transactions easier and achievable with a greater involvement of the financial inclusion of the people of Sri Lanka, and more especially in the rural population. They sought to initiate an easy transition to a cashless economy through a combination of different financial services, including loans, savings, and insurance in one safe and convenient mobile payment app. It has a high level of security and reliability of any transactions were also at the forefront of their priorities. iPay is currently operating in the market, and it has been able to surpass and especially exceed all these anticipations through its features, such as instant gold loan top-ups with Ran Savi, real-time account control, and the payments, which are 24/ 7 contactless. The user-friendly interface and high security levels have enabled digital finance to reach a wide customer base across the country, which has seen LOLC Finance spearhead the digital financial revolution in Sri Lanka.
Conclusion
The launch of the top-up facility on Ran Savi Gold Loan by LOLC Finance through the iPay app is a significant initiative in digital financial services in Sri Lanka, as with its help, new levels of convenience, security, and accessibility are achieved, even in remote areas of the country and under the service needs of rural and underserved customers. This innovation highlights the crucial role NBFIs play in filling credit gaps based on technology, which is essential for facilitating the country's transformation into a cashless economy. When incorporating various financial services within the simple interface of the iPay platform, LOLC Finance will not only enhance transparency and efficiency of its operation, but will also lead to the growth of financial inclusion and confidence. Consequently, LOLC Finance will be one of the most promising organizations to face the current dynamics of fintech development and expand traditional lending into digitally unhindered experiences across Sri Lanka.
✍️ Written by: Thileksan.M
📌Published on: July 20, 2025
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