Visa in Sri Lanka and Maldives Country Manager Avanthi Colombage said: “At Visa, we believe in being the best way to pay and be paid by uplifting everyone, everywhere. This year, we celebrated International Women’s Month to support the very capable businesswomen in our country, with an event titled ‘Overcoming Barriers to Growth’ along with Square Hub, an incubator and business accelerator.”
The event by Visa brought together 35 upcoming women entrepreneurs across various sectors, including fashion, e-commerce, fintech, technology, manufacturing, and agriculture. While prominent industry experts shared views, learnings and experiences from their own journeys, the event also facilitated open discussions and networking among entrepreneurs, on how they can build and sustain thriving businesses.
Avanthi elaborates that Visa has built a firm foundation in supporting female entrepreneurship and the empowerment of women in Sri Lanka and understands the challenges women-owned businesses face when seeking capital, access, networks and guidance and continues to actively uplift women in Sri Lanka. Globally and in Sri Lanka, Visa believes that the participation of women is key to the growth of an economy. Avanthi adds, “Two years ago, when we celebrated 35 years of Visa in Sri Lanka, we announced a grant for The Asia Foundation to assist women-led small and medium businesses (SMBs) throughout the country. This initiative offered vital seed funding, skills training, and financial inclusion opportunities for women entrepreneurs, helping remove some major barriers to their success,” she recalled.
Under the grants program, 35 women entrepreneurs were awarded capital grants to establish viable, innovative business ventures and overcome the challenges typically experienced by start-ups, especially led by women. The program also included financial literacy training modules which were accessible to these women business owners in English, Sinhala and Tamil. Furthermore, Visa together with The Asia Foundation helped 30 women entrepreneurs showcase their businesses at the 2024 International Industry Expo, facilitating connections with local and international stakeholders. Furthermore, Visa together with The Asia Foundation helped 30 women entrepreneurs showcase their businesses at the 2024 International Industry Expo, facilitating connections with local and international stakeholders.
Visa has taken the lead in fostering financial inclusion and digital literacy for women entrepreneurs in Sri Lanka. It has provided various digital skills development training modules customised in English, Sinhala, and Tamil, for women business owners to elevate their business, digital and financial literacy skills, Avanthi points out.
With a diverse portfolio of services aimed at empowering women entrepreneurs, Visa has also introduced several payment solutions designed to cater to women’s needs in Sri Lanka, like:
- Tailored credit solutions: Visa has partnered with leading financial institutions to introduce credit cards specifically designed for women-led businesses, offering tailored benefits such as waived annual fees, business expansion loans, and flexible repayment options.
- E-commerce and digital payment support: Partnering with a leading Sri Lankan payment gateway partner, Visa helped SMBs, including women-led enterprises, transition to an online sales model with affordable, subscription-based digital payments and multi-currency support.
- Affordable card payment solutions for SMEs: Through its partnerships, Visa also enabled thousands of women entrepreneurs—ranging from home bakers to salon owners—to accept digital payments via smartphones, an asset-light model that eliminates the need for POS terminals for small businesses.
These initiatives have helped over 50,000 small businesses in Sri Lanka embrace digital payments, boosting their revenue and business sustainability.
Visa said it remains committed to breaking down barriers and equipping women entrepreneurs with the tools and opportunities they need to thrive and succeed. By fostering financial inclusion and driving digital transformation, Visa continues to be a key enabler of women-led businesses in Sri Lanka.
