LOLC Finance introduces OYES making...

LOLC Finance PLC with ipay, jointly launched ‘OYES’, a simplified platform for salary advancing. Plausibly a technology-driven solution to own and to unlock earned salaries, the latest product was launched with the utmost objective of elevating the financial requirements of the nation’s workforce whenever they aspire. OYES will now function as a facilitator in drawing salary advances, through offering easy access with the help of a kiosk or through the ipay mobile app to one’s earned salary.

The Sri Lankan middle class and upper-lower salaried workforces engaged in multiple sectors and industries are frequently in need of quick access to credit facilities during unforeseen economic circumstances. Thus, cash emergencies remain a frequent requirement for these communities.

In considerate of these types of salaried workforces facing instant cash desires for different reasons, on a daily basis, OYES was introduced to meet their emergencies through their own

earned salaries, righteously. Through this platform the employees will be allowed to draw cash advances from the present month salary, while enabling them to access real-time fund transfers to their salary accounts 24/7 instantly.

Multiple number of withdrawals are allowed for an employee within a stipulated amount without any physical engagement with the HR teams. The salary settlement process will also be hassle free to the employees, as the drawn amount will be auto deducted from the salary. As an auxiliary benefit, OYES can also be added as a funding source to ipay, where an individual

will be entitled to enjoy the full functionalities of ipay.

OYES is designed to be integrated through human resources (HR) divisions of the employer and to be stretched to the payroll system in obtaining the salary particulars of every individual employee. The platform will also access the daily attendance data of employees. Data gathered will be used in complex machine learnings and an AI algorithm will be applied to calculate one’s ‘earned salary’, which can be withdrawn by the employee himself.

OYES will also eliminate the burden of the employers through minimising the cumbersome paperwork and disbursements procedures involved in salary advancing through the 100 percent digital and paperless solution provided. The platform will further enhance easy management and monitoring for the employers while allowing rapid report accessibility for audit trails.

LOLC Finance ceremonially launched OYES on May 27, 2022 and the official signing ceremony was held at LOLC Motors, Gotatuwa. The first customer chosen to launch OYES was LOLC Motors (LOMO), a fully-owned subsidiary of LOLC. The company further hopes to introduce the OYES platform primarily to all of its group’s companies over the next couple of months.

The inauguration was ceremonially contracted by LOLC Finance PLC Chairman Conrad Dias, LOLC Finance PLC Director/chief Executive Officer Krishan Thilakaratne, LOLC Motors Chairman Gunendra Jayasena and LOLC Motors Director Kithsiri Gunawardena. The ceremony was also graced by the key officials from LOLC Finance and LOLC Motors.