Future Life Investment to reach Rs. 1 bn loan portfolio by March

Future Life Investments Limited a microfinance company from Kadawatha will diversify to the retail sector by opening their first supermarket outlet early next month in Nikaweratiya.

CEO, Danushka Udugama said that Future Life Investments was set up with the purpose of enriching lives through mutually beneficial relationships. “We decided to diversify to give a better market place for our service providing customers thus creating a lifetime relationship with them.”

“As a microfinance institution, we offer financial assistance to small enterprises and households especially to those who are unserved and underserved by the formal financial market without physical collateral.”

“We commenced operation in 2016 with a single branch in Gampaha and today we have extended our footprint to 21 locations with over 25,000 customers and have Rs.710 million loan portfolios to date. Further, he said that Future Life Investment limited is determined to substantially increase their microfinance customer base and loan portfolio during the next year as well and plan to pass the Rs. 1 billion mark in 2021 March. He said that unlike other lending institutions they only offer credit from Rs. 30,000 up to 500,000 and when a customer reaches that mark FLi introduces their clients to the banking sector with their guarantees thus enabling the customer access to bigger capital and move to the next level of his business.

Moreover, he said that though some consider Micro Finance as ‘Sherlock’s’ today many companies have become very responsible. Future Life investment Limited follows the real values of the global microfinance concept by providing financial solutions with greater flexibility on a more sustainable basis. “During the C-19 pandemic lockdown the company went to the extent offering some of them moratoria”, he said.

“We have conducted a number of customer training sessions on shoe mending, gardening etc. and we are planning to execute more in the future to improve the customer entrepreneurial skills in more geographical areas,” Udugama said.

“In a bid to offer faster service we encourage employees to make business decisions in the fastest possible manner which gives them the freedom to carry out their duties efficiently and responsibly. Hence our executive officers reach customers’ doorstep and give solutions (Financial and non-financial) to them.” Commenting on microfinance license he said that they are keen to obtain it but there is no proper ‘body’ to issue the license. “A licensing system was discussed but it was folded up for unknown reasons and Sri Lanka urgently needs a body similar to Philippines, Indonesia and many other countries.”

Going beyond the typical lending we have done a number of CSR activities through FLi Sathkara Foundation, which is a non- profit organization established as the CSR arm of FLi. “For the first time, we will be building and maintaining a model Children’s Home for Girls in Nikaweratiya and we are awaiting government approvals.” “As students look forward to the New Year with hope and positivity even in the pandemic situation, FLi will donate school supplies for over 25,000 less privileged from all over Sri Lanka. We are also offering this opportunity to other donors and more details could be obtained from email: info@sathkaara.lk.

 

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