SLT-MOBITEL’s mCash partners with Union Bank to offer enhanced banking convenience

Mobitel CEO Chandika Vitharena exchanging the MoU with Union Bank Director/CEO Indrajit Wickramasinghe, accompanied by SLT-MOBITEL and Union Bank officials 

Strengthening its commitment towards enhanced customer reach and digital transformation, Union Bank recently entered into an agreement with National ICT Solutions Provider SLT-MOBITEL to bring greater banking convenience to its customers through Agent Banking services via SLT-MOBITEL mCash – the innovative mobile money platform/wallet conceptualised by SLT-MOBITEL and approved by the Central Bank of Sri Lanka.

Union Bank is the first commercial bank to partner with a telco to go beyond the conventional brick and mortar mode of banking to leverage the benefits of digitalisation through an authorised agent network. Union Bank’s agent banking service will be offered island-wide through the reputed SLT-MOBITEL mCash authorised retailer network and will provide customers a highly secure platform for banking services close to home which goes beyond traditional banking hours. SLT-MOBITEL mCash authorised retailer network will facilitate banking services for Union Bank customers at all SLT-MOBITEL and Singer Mega branches island-wide with more approved retailers to be added in the future with focus on health guidelines in place.  

Mobitel Chief Executive Officer Chandika Vitharena stated: “We are pleased to partner Union Bank to empower their customers, paving the way for cashless transactions via SLT-MOBITEL mCash. As the National ICT solutions provider, we designed mCash with customer centricity in mind and as the country embraces digital transformation, we thrive to raise the digital payment standards with mCash by setting new heights thus helping to fast-track the nation’s digital drive.”

Union Bank agent banking service is a simple process with no prior registration required. The service offers boundless convenience to customers by facilitating a selected range of banking transactions, which includes deposits to Union Bank savings accounts, Union Bank credit cards payments and Union Bank loan payments. 

Signing the milestone agreement, Union Bank Director/Chief Executive Officer Indrajit Wickramasinghe, stated: “We are proud to partner with SLT-MOBITEL mCash for this significant initiative for greater financial inclusion.  This collaboration will take digitalisation in the banking sphere to new heights and the partnership further fortifies Union Bank’s strong commitment towards providing continuous enhancements for a convenient and secure banking experience.”

SLT-MOBITEL’s mCash has redefined the way consumers carry out transactions with the use of a mobile phone. mCash has experienced immense growth over the last few years with a large clientele and growing customer base that continues to expand countrywide. SLT-MOBITEL’s mCash has transformed the mobile money concept in Sri Lanka by introducing innovative features, and constantly creating ways in which mCash can be more inclusive and adapted to customer lifestyles. mCash offers services such as sending and receiving money, mobile reloads and bill payments, utility, insurance, finance and leasing payments, online, in-store shopping payments via QR – which has been developed to LankaQR standards of Central Bank of Sri Lanka – bank deposits, loan and credit card repayments and digital Loans where Customer could apply and get a loan from the mobile via mCash. SLT-MOBITEL’s mCash retailer network includes small corner shops to leading retail outlets adding up to 25,000+ retailer network/touch points island-wide including Mobitel branches, SLT teleshops, singer showrooms, Lanka Bell, and pay & go kiosks or top up mCash directly from the mCash App. 

Union Bank is one of the fastest growing banks with 25 years of service and supported by the strength of the global investment firm TPG. With a solid foundation etched with financial stability and international know-how, Union Bank is amongst the highest capitalised private commercial banks in Sri Lanka, offering a full range of products and services to retail, SME and corporate segments.