HNB announced a partnership with LOLC Finance to serve as its settlement bank for the Company’s established card payment services. “HNB is proud to serve as the exclusive settlement bank for LOLC Finance. Through this milestone partnership between two of Sri Lanka’s giants in banking and finance, we will be providing payment processing support for all credit and debit card transactions made by LOLC Finance cardholders. Given their vital role as the largest NBFI, we view this partnership as a valuable opportunity to support the expansion of cashless payments and access to credit to the grassroots of the Sri Lankan economy,” said Dilshan Rodrigo, Executive Director and Chief Operating Officer, HNB. Settlement banks are a primary component of the transaction process, helping to make electronic transaction processing available for merchants. Through the new agreement, LOLC Finance will now route all of its credit card transactions through HNB’s settlement account for foreign and local transactions. “We are the very first NBFI in Sri Lanka to obtain a Payment Card – acquiring license from the Central Bank, Mastercard worldwide as well as Visa International. We are also the country’s first NBFI to obtain the Primary/Principal License from Mastercard worldwide and Visa International to issue credit cards and acquire payment cards. Especially given that the majority of our customers are from the bottom of the pyramid, we are grateful to HNB for rapidly establishing this partnership so that we are now able to reach out to our customers and provide them greater convenience and flexibility in the management of their finances whilst fulfilling their aspirations for a better standard of living,” said Conrad Dias, Finance Director and Chief Executive Officer, LOLC. HNB has received many recognition and leads the Business Today Top 10 rankings and also claimed seven awards at the Best Corporate Citizen Sustainability Awards 2019.
