DFCC Bank has been rated among the top 100 most valuable consumer brands in Sri Lanka for the year 2021. Ranking 27th in the analysis conducted by Brand Finance Sri Lanka, DFCC Bank was able to climb up a notch to the 27th position, following last year’s position as the 28th most valuable consumer brand.
DFCC Bank partners with Visa for Micro Merchant transactions
May, 6, 2021
DFCC Bank, with the aim of being the most customer-centric and digitally-enabled bank in the years to come, recently partnered with Visa to facilitate digitally driven, cost-effective transactions at Micro Merchant Businesses and increase card acceptance among Micro Merchants in Sri Lanka. This partnership will further strengthen the transaction processing capability for merchants of DFCC Bank with its low transaction costs, while enabling their ability to shift from cash to accepting card payments.
With the Sri Lanka Micro Merchant Program, an initiative by Visa, the Bank can process transactions for merchants at a lower cost. The high merchant discount rates offered to this segment have been the main challenge in getting such Merchants to accept card-based transactions. With this initiative, the Bank intends to bring the small merchant community into the sphere of digital transformation.
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DFCC Bank was recently assigned an issuer rating of “[SL] AA- with Stable Outlook” by ICRA Lanka Limited. ICRA Lanka Limited (ICRA Lanka) is a Credit Rating Agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC), and is a fully owned subsidiary of ICRA Limited, India. The ultimate parent company of the international credit rating agency, Moody’s Investors Service, is the indirect majority shareholder of ICRA.
ICRA Lanka’s rating factors in DFCC Bank’s established track record as the pioneer development bank in Sri Lanka (the bank consequently became a fully-fledged commercial bank in 2015), healthy asset quality indicators, and the adequate capitalization profile. The bank has a strong corporate banking focus, with about 44% of the total portfolio comprising corporate lending as at June 2020. The rating also takes cognizance of the healthy asset quality indicators of the bank, with gross NPA (GNPA) of 4.8% as at June 2020, which was lower than the sys