APB organises successful presentation on ‘Financial Inclusion in Sri Lanka’

Tuesday, 14 October 2014 11:23 - - {{hitsCtrl.values.hits}}

The Association of Professional Bankers – Sri Lanka (APB) conducted yet another insightful, interesting evening presentation on 9 September at the Bank of Ceylon Auditorium, Bank of Ceylon Headquarters, Colombo 1.

The ‘APB Evening Presentation Series’ is a popular agenda item in the APB’s Annual Event calendar, where it organises six to eight presentations for a year, of about two-hour duration inclusive of a vibrant Q&A sessions, open to its members, other bankers and professionals in Sri Lanka. One or two of these presentations are organised with other professional organisations, such as OPA, CIMA, where there is common interest to both professions. Eminent foreign and local personalities, professionals and academics, are invited to talk on timely important topics/issues to bankers, in order to up-date and enhance their knowledge on current topics. The above, recently-concluded evening presentation was on ‘Financial Inclusion in Sri Lanka : Issues and Challenges’, and was delivered by Dr. Saman Kelegama, the Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), the apex economic policy research institute in Sri Lanka. Dr. Kelegama is a scholarly writer, a renowned Economist, and also engages in Trade and Industrial Economics, Public Enterprise reforms, Macroeconomics, etc. Dr. Kelegama is a Doctoral, as well as a Masters scholar from the Oxford University, UK. His above presentation was well-received by the audience of bankers and other professionals, and following are few highlights from same.

What is financial inclusion?

Dr. Kelegama at the inception of his presentation, quoted a definition from UN MDG Summit 2010, to answer this question. That is: “Financial inclusion means universal access, at a reasonable cost, to a wide range of financial services, provided by a variety of sound and sustainable institutions. The range of financial services includes savings, short and long term credit, leasing and factoring, mortgages, insurance, pensions, payments, local money transfers and international remittances.” The presentation was full of insights with many take-home thoughts for the bankers. Dr. Kelegama discussed about number of key areas: He elaborated on the financial inclusion in the global policy disclose and gave a clear idea about the financial landscape in Sri Lanka. He then discussed on the Financial Institution outreach in Sri Lanka, highlighting on the emerging picture. Dr. Kelegama talked about the measures taken to improve financial inclusion, and selected financial inclusion indicators in Sri Lanka. He discussed about the constraints, issues and challenges to Financial Inclusion in Sri Lanka and elaborated on practical measures to overcome these challenges. Finally, he highlighted that above 90% financial inclusion is a part of the post-2015 Global Development Agenda, for which Sri Lanka should prepare and set an agenda to achieve the goal. Dr. Kelegama concluded his presentation on a high note, indicating that Financial Inclusion is a critical enabler and accelerator of equitable economic growth, job creation, social and human capital development, leaving positive thoughts in the minds of the audience about Financial Inclusion in Sri Lanka and its critical role to be played in the country’s post-2015 Development Agenda.

Q&A session

The presentation was followed by a lively Q&A session, participated in by many professionals from the audience, with Dr. Kelegama and Piyal Hennayake, President APB/Deputy General Manager, HNB, responding to the questions. Senerath Bandara, Chairman of the Research, Development and Education Committee – APB/Deputy General Manager, Bank of Ceylon, delivered the vote of thanks, highlighting the salient features of the presentation. About 165 bankers and other professionals were present at the event and it was followed by refreshments and fellowship. Further, the Association of Professional Bankers – Sri Lanka will be conducting its 26th anniversary Convention on 16 and 17 October at the Cinnamon Grand Hotel, Colombo on the theme ‘Reshaping Banking for Changing Times’. The inauguration of the convention on 16th evening will be graced by the Chief Guest Ajith Nivard Cabraal, Governor – Central Bank of Sri Lanka and the Keynote Speaker Michael J. Zamorski, Advisor – The SEACEN Centre. Many foreign and local eminent personalities will be presenting at the Technical Sessions on the 17th, and the convention to be attended by about 350 senior bankers and professionals from other disciplines connected to the financial sector. The next APB evening presentation will be held in November/December 2014 and the details would be given on the APB website, www.apb.lk.