Rural communities remain untapped with banking and finance facilities
View(s):Rural communities in the country need to be tapped with banking and finance facilities, according to Andrew Samuel, Alliance Finance Co. PLC Head of Micro Finance and Chief Continuous Improvement Officer told the Business Times this week.
He was speaking on the sidelines of the inauguration of the Micro Finance Division of the company held at the BMICH. “There are so many rural areas where they haven’t got the banking and finance facilities,” said Mr. Samuel.
He added that the company is looking forward to give customers an average service apart from the financial services that any organisation would provide and also uplift their lives by giving them other services which are non-financial in terms of financial literacy, advanced livelihood training, improved business skills, acumen and entrepreneurship and business development training.
The company plans to expand its network to 50 locations island-wide in the next 18 months.
Elaborating on how the new venture would help the banking system, he said, “The new project will fully aid and support the banking system. The rural community would be moulded to get an idea about the banking channels. Within five years we would achieve our goal if we bring them to normal channels of banking. It strengthens the banking community as well.”
Romani De Silva, Deputy Chairman and Managing Director of Alliance Finance PLC said, “The company has come forward to help the smallest of entrepreneurs in the country focusing to help the less credit worthy customers who do not have access to the banking sector. Being pioneers in the three wheeler financing business, we have granted credit to three wheeler drivers who were not even considered credit worthy. It has become one of the most sought after products in the financing, hire purchase and leasing company sector of Sri Lanka.”
He added that the company has taken a firm pledge on the micro finance venture, to instill co-values of social entrepreneurial development; development of the entrepreneurs and spending a fair amount of its resources in helping develop entrepreneurial skills in different areas of economic activity.
(RM)
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