Sri Lanka’s leading non-bank financial institution, People’s Leasing & Finance PLC (the Company) plays a pivotal role in promoting financial inclusivity in Sri Lanka and thereby empowering customers to reach greater heights.
A range of financial solutions offered by the Company has paved the way for the success of numerous micro, small and medium enterprises (MSMEs). The Company also provides access to finance even to the people who normally would not be able to obtain a financial solution from the more formal banking sector.
In challenging times, the Company has assisted customers to overcome their financial limitations and restore their livelihoods and businesses. During the COVID – 19 pandemic and consequent economic downturn, the Company has provided financial relief and advisory services for a number of affected livelihoods and businesses.
The newly-appointed Chairman of People’s Leasing & Finance, Pradeep Amirthanayagam said that the Company aims to contribute towards the upliftment of the nation by empowering livelihoods and businesses. “We are mostly focused on the MSME sector,” he emphasised. “Through our trusted customer friendly financial solutions and service excellence, we strengthen micro, small and medium enterprises, thereby contributing to drive economic growth,” he added.
According to Amirthanayagam, the Company is able to offer customised and accessible financial solutions supported by an extensive branch network served by a dynamic workforce and digital convenience.
The Chief Executive Officer/General Manager of the Company, Shamindra Marcelline said that as a responsible financial institution, the Company has been instrumental in helping businesses to recover from several crises include the Easter Attack, the COVID-19 pandemic and the financial crisis. “It is evident by the action taken to provide relief to livelihoods which face financial difficulties and to revive businesses,” he stressed. Since 2019 the Company had granted moratoria amounting to Rs.85 billion to MSMEs, as a financial relief benefitting over 105,000 customers and concessions given were from PLC’s own balance sheet.
According to Marcelline, the Company will continue to differentiate by providing more customer friendly and customised service along with greater flexibility. He said the Company will further deploy digital technologies to enhance customer-friendliness, convenience and accessibility. “Our aim is to provide customers a seamless and a hassle-free experience,” he added.
People’s Leasing started its business operations in 1996 providing leasing solutions for the improvement of private passenger transportation of the country enabling a comfortable private passenger transport service to the public. However, due to the pandemic situation, most of the private passenger transport owners are financially distressed as they were not able to operate their buses for months.
In the above context, People’s Leasing launched “Hithamithuru” financial relief scheme to provide relief for the pandemic affected private passenger transport owned customers of the Company.
“Hithamithuru” scheme is offered as a payment deferral programme with concessionary interest rates and also offered a payment deferral period of 6 – 12 months. Customers were also provided the privilege to continue their rental payments at the previous repayment rate after their relief payment period.
With an extensive network of over 100 branches and a 2,400 dynamic workforce, the Company has come a long way since its inception in 1996. Besides a competent team and the state of the art technological capabilities, the Company has prudent management systems and a strong capital base in place. Today, the Company has built its reputation as a trusted customer-friendly financial services provider and has secured unwavering loyalty and trust of customers and other stakeholders alike.
The Company is the flagship subsidiary of the state-owned People’s Bank and commenced business operations in 1996 as a specialised leasing company. It was listed on the Colombo Stock Exchange in 2011. People’s Leasing has grown to become a diversified non-bank financial powerhouse with six subsidiaries in allied areas of specialisation including a venture overseas in Bangladesh.