6.5 million customers in Sri Lanka lack full access to finance due to the impact of the pandemic and increased consumption. International fintech holding Robocash Group has entered the consumer lending market in Sri Lanka with its new online lending service Robocash.lk, providing instant financial access.
Sri Lanka’s GDP per capita amounts to 13.2 k USD, which is higher than in the neighbouring Philippines, India, Indonesia and Vietnam. However, there is a marked income gap among the country’s population. 21.1% comprise both the rural people with low income and the unemployed young citizens aged 15-24 with limited options for financing. At the same time, internet and mobile penetration in Sri Lanka is at 50.8%, which is lower than in Southeast Asia and globally, but foreseen to accelerate in the long term.
“The increased volume of consumption in Sri Lanka, exceeding 53 Bn USD in 2020, and the third wave of the pandemic are spurring the growing demand for alternative financing. Therefore, lending is expected to increase by 25% in 2021, with the demand for additional funds continuing to rise every year onward. According to our research, 6.5 million creditworthy individuals are already in need of alternative financing this year. The launch of Robocash.lk offering consumer loans marks Robocash Group’s entry into the fast growing lending market in Sri Lanka, where we aim to facilitate financial inclusion and meet the urgent spending needs of Sri Lankans”– shared Sergey Sedov, Chief Executive Officer at Robocash Group.
The service is designed to provide simplified and fast processing of short-term personal loans for creditworthy individuals having limited access to finance. The customers of Robocash.lk will be able to borrow up to Rs 60,000 (300 USD) automatically without any additional charge. Owing to the use of in-house automated technologies, the loan will be issued in mere minutes after filling out an application. In contrast to traditional credit companies, Robocash.lk customers are required to provide a minimum set of documents and can apply for a loan without leaving home or work any time of the day and throughout the week, including holidays.
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