LOLC Finance introduces OYES making every day a pay day – Financial News
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LOLC Finance PLC Chairman Conrad Dias, LOLC Finance PLC Director/Chief Government Officer Krishan Thilakaratne, LOLC Motors Chairman Gunendra Jayasena and LOLC Motors Director Kithsiri Gunawardena at formal signing ceremony
LOLC Finance PLC with iPay, jointly launched ‘OYES’, a simplified platform for wage advancing.
Plausibly a technologies-driven solution to personal and to unlock gained salaries, the newest merchandise was released with the utmost goal of elevating the financial demands of the nation’s workforce any time they aspire. OYES will now operate as a facilitator in drawing income innovations, via providing uncomplicated obtain with the assist of a kiosk or via the iPay cell application to one’s attained wage.
The Sri Lankan center class and upper-reduced salaried workforces engaged in a number of sectors and industries are commonly in need of fast obtain to credit rating services throughout unforeseen financial situations. Thus, hard cash emergencies continue to be a regular prerequisite for these communities.
In thoughtful of these varieties of salaried workforces going through instantaneous cash wishes for different good reasons, on a daily basis, OYES was introduced to meet up with their emergencies via their possess gained salaries, righteously. Through this platform the personnel will be allowed to draw funds advancements from the present month income, when enabling them to entry genuine-time fund transfers to their income accounts 24/7 instantly.
Various amount of withdrawals are allowed for an employee in a stipulated amount of money without any actual physical engagement with the HR teams. The wage settlement process will also be inconvenience totally free to the workers, as the drawn volume will be auto deducted from the wage. As an auxiliary gain, OYES can also be included as a funding resource to iPay, wherever an person will be entitled to appreciate the total functionalities of iPay.
OYES is designed to be built-in as a result of human resources (HR) divisions of the employer and to be stretched to the payroll process in acquiring the income particulars of each individual person worker. The system will also accessibility the everyday attendance data of workers. Facts collected will be utilized in elaborate machine learnings and an AI algorithm will be utilized to determine one’s ‘earned salary’, which can be withdrawn by the worker himself.
OYES will also get rid of the load of the companies by minimising the cumbersome paperwork and disbursements processes concerned in salary advancing by way of the 100 % electronic and paperless option delivered. The system will further more greatly enhance easy administration and monitoring for the businesses whilst allowing rapid report accessibility for audit trails.
LOLC Finance ceremonially launched OYES on May possibly 27, 2022 and the official signing ceremony was held at LOLC Motors, Gotatuwa. The to start with client picked to launch OYES was LOLC Motors (LOMO), a fully-owned subsidiary of LOLC. The firm even more hopes to introduce the OYES system mainly to all of its group’s firms about the following few of months.
The inauguration was ceremonially contracted by LOLC Finance PLC Chairman Conrad Dias, LOLC Finance PLC Director/Main Govt Officer Krishan Thilakaratne, LOLC Motors Chairman Gunendra Jayasena and LOLC Motors Director Kithsiri Gunawardena. The ceremony was also graced by the key officers from LOLC Finance and LOLC Motors.


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