May, 2024: Leading integrated financial services provider, HNB FINANCE PLC, announced a momentous collaboration with the Co-operative Thrift and Credit Union (Sanasa). This Memorandum of Understanding (MoU) paves the way for extending HNB FINANCE’s innovative financial solutions to the underserved rural population across the country.
Through this initiative, residents of remote villages who previously lacked access to conventional or advanced financial services will now have the opportunity to fulfill their financial needs conveniently.
The MoU signifies a commitment to financial inclusion, ensuring that even those in geographically distant locations can benefit from a wider range of financial products and services.
The signing ceremony witnessed the presence of esteemed representatives from both parties. HNB FINANCE was represented by Managing Director/CEO Chaminda Prabhath, Deputy CEO Madhuranga Heenkenda and other officials, while the Co-operative Thrift and Credit Union delegation comprised the headquarters inspectors of the union, led by Ruwan Amaradeva, Deputy Commissioner of Cooperative Development of Colombo and Kalutara District.
This collaboration leverages the strengths of both institutions. HNB FINANCE, a subsidiary of the illustrious HNB PLC, boasts a legacy of several decades in providing international-standard banking services with innovative solutions. The Co-operative Thrift and Credit Union, established over 118 years ago, brings its experience in micro financing, serving over eight million members across Sri Lanka. This strategic partnership allows both entities to combine their expertise and reach to empower rural communities, as HNB FINANCE will be able to provide its financial services to the customers in collaboration with more than 13,000 ‘Sanasa’ societies currently operating across the country.
Commenting on the partnership, HNB FINANCE Managing Director/CEO Chaminda Prabhath said: “We are delighted to join forces with the ‘Sanasa’ Society, Sri Lanka’s largest member-based cooperative, to bring our advanced financial services to the rural masses. HNB FINANCE has always strived to empower Sri Lankans through accessible and efficient financial solutions. This partnership presents a golden opportunity to transform the lives of people in rural communities. By leveraging the vast network of ‘Sanasa’ societies, they can now experience HNB FINANCE’s unparalleled financial offerings right at their doorsteps.”
Moreover, Chairman of Pahalawewa – Sanasa Society, Director of Matale District Union and Director Matale District Co-operative Council K.G. Wijerathne said: “We are incredibly honored to collaborate with HNB FINANCE, a leading financial institution in Sri Lanka, to extend their services to our over eight million members. This MoU has the potential to be a turning point for the economic development of rural Sri Lanka. As a cooperative society, we understand the importance of trust, and HNB FINANCE, as a subsidiary of the highly respected HNB PLC, further strengthens that foundation. We are confident that by joining forces, our members will gain the tools and resources they need to overcome financial hurdles and build a brighter future.”
HNB FINANCE’s extensive service portfolio, encompassing gold loan facilities, savings products, cash deposits, leasing options, and card services,