Lanka ORIX Finance expands worker remittance solutions
Lanka ORIX Finance PLC expanded its worker remittance business when
it entered into a landmark partnership with a prominent global money
transfer brand - Valutrans SPA. Lanka ORIX Finance has been providing
convenient, secure and affordable money transfer channels to migrant
workers in the Middle East and Europe, through Xpress Money and Money
Exchange S.A. - Spain, respectively. The new strategic alliance with
Valutrans SPA will enable Sri Lankan migrant workers in Italy to access
Lanka ORIX Finance's real-time, low cost, fund transfer channel, whilst
receiving many attractive, value added benefits.
Among the amazing benefits offered, migrant workers will receive a
generous life insurance cover of Rs 500,000 with the first remittance,
and part reimbursement 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 Licenced Finance Company.
Additionally, 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
the time they sit for the GCE (O/L) Examination.
According to this 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, with no extra cost.
Funds credited to accounts maintained with Lanka ORIX Finance could
be withdrawn from its network of 64 branches and savings centers, and
from the 400+ Commercial Bank ATM network across the island.
The most striking feature of this service is the absence of any
receiving end charges, irrespective of whether the accounts are
maintained with Lanka ORIX Finance or any other financial institution or
"While assuring real-time crediting of remittances received during
business hours to accounts maintained with us, transfers to accounts
maintained with other financial institutions and banks will be arranged
within a working day. Therefore, their loved ones back home will be able
to retrieve the remitted funds at no additional cost. Furthermore,
customers will receive benefits which will ensure their safety and
security with regard to every aspect of their employment abroad." said
Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC.
"Safety and Convenience are the key factors of our remittance
services. Partnering with Valutrans SPA, Xpress Money and Money Exchange
S.A., has given us the required impetus to offer safer and convenient
remittance solutions to our global customer base. In addition, this has
also given us the opportunity to partner with LOLC Micro Credit Ltd (LOMC)
- the Micro Credit arm of the LOLC Group- to offer families of migrant
workers Micro Credit Facilities," de Zylva said.
Since opening its doors to Foreign Currency business in 2008, Lanka
ORIX Finance has been in the forefront of the worker remittance business
in the non-banking sector and has attracted a sizable amount of foreign
exchange to the country.
Customers can also retain their earning in foreign currency by
maintaining fixed and savings Accounts such as NRFC and RFC.
The company has the privilege of being the only Licensed Finance
Company, authorized by the Central Bank of Sri Lanka, to engage in
foreign currency business and to offer worker remittance solutions.