HNB wins IFAD award for best practice

Hatton National Bank’s savings account HNB Adhishtana has come out on top after competing with over 50 projects from over 40 countries at the Global Forum on Remittances 2013.

The Global Forum on Remittances 2013, recently held in Bangkok and jointly organised by the International Fund for Agricultural Development (IFAD) and the World Bank and co-sponsored by the European Union, CGAP, IDB and UNCDF, is the fourth in a series of international events dedicated to highlighting the importance of international migration and the resulting vital flow of remittances.  

HNB Adhishtana, a unique savings offering for the senders and receivers of remittances which links migrant workers and their dependents to micro-entrepreneur programs, received the Best Practice Award for enhancing impact through cross-sector partnerships. This innovative program has made financial services more accessible and affordable to migrant workers and their dependents right across Sri Lanka.

Chandula Abeywickrema, who received the award on behalf of the bank, emphasised HNB’s commitment towards the migrant worker community and for the facilitation of inclusive financial services to migrant workers and their dependents. According to Abeywickrema, the Adhishtana program has not just created opportunities for migrant workers to obtain a lifeline through financial services, but it has also opened up a window for them to change their lifestyles by empowering them to venture out to successful economic activities.

The forum brought together over 500 participants including globally recognised banks and financial institutions, experts, stakeholders from business groups, government regulators and civil society. The address given by Ajith Nivard Cabraal, Governor of The Central Bank of Sri Lanka, was also a major highlight at the forum. Cabraal shared the significance of Sri Lanka’s successful inflow of remittances with the attending dignitaries. During the three days of discussion and deliberations, the following key areas were covered: Highlighting the importance of international and domestic remittances in rural areas of the region, exchanging worldwide lessons learned and best practices and promoting the scaling-up of successful models as well as promoting private sector involvement as agents of innovation, and  supporting national governments in fostering and enabling environments that promote low-cost remittances and maximise the impact of these funds in terms of access to finance and creation of wealth. The keynote address and introductory remarks were made by Queen Maxima of the Netherlands and from among the distinguished panel, keynotes were made by Kevin Cleaver (Associate Vice-President, Programme Management Department, International Fund for Agricultural Development – IFAD), Janamitra Devan (Vice President and Head of Network, Financial and Private Sector Development, The World Bank Group), Javier Hernandez Pena (Deputy Director General for Development Policies, General Secretariat for International Cooperation, Ministry of Foreign Affairs and Cooperation, Government of Spain).

Hatton National Bank is one of the key institutions working with IFAD in developing an innovative and very impactful program for migrant workers, development in remittances and creating a greater impact through cross-sector partnerships.