Bank of Ceylon and Sri Lanka Post unite to revolutionise banking access

The Bank of Ceylon (BOC) and Sri Lanka Post have entered a ground-breaking partnership to reshape the accessibility of banking services across Sri Lanka. By combining the banking expertise of BOC with Sri Lanka Post’s extensive network, initially with 100 post and sub-post offices, this initiative aims to bring essential financial services to the nation’s most underserved communities. 

The official launch event in Colombo marked the beginning of this collaboration, featuring key dignitaries including the Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe, Additional Secretary of the Ministry of Mass Media Deepa Liyanage, Postmaster General Ruwan Sathkumara, Deputy Postmaster Generals, senior officials from the Postal Department, BOC Chairman Kavinda de Zoysa, and General Manager/CEO Russel Fonseka, and Corporate and Executive Management of the Bank of Ceylon. The signing of a Memorandum of Understanding (MOU) at the event symbolised the alignment of two long-standing institutions to address financial inclusion challenges in Sri Lanka. 

The centrepiece of this initiative is BOC Connect, a forward-thinking agent banking model first introduced in 2021. Now integrated with Sri Lanka Post’s trusted network, it brings everyday banking, such as deposits, withdrawals, bill payments, and fund transfers, closer to people’s homes. This expansion significantly reduces travel time and costs for rural communities while offering an environmentally sustainable approach to financial transactions. 

Speaking at the event, BOC Chairman Kavinda de Zoysa highlighted the broader impact of this partnership: “This collaboration between BOC and Sri Lanka Post marks an important step in addressing the challenges faced by rural communities. By uniting two of Sri Lanka’s most trusted institutions, we are creating a system that offers banking solutions with unmatched convenience and reliability, particularly for those who need them the most.” 

The dual-authentication mechanism of BOC Connect ensures a secure and seamless experience. Transactions are verified using one-time passwords (OTPs) sent to customers’ mobile devices, alongside National Identity Card (NIC) checks. This modernised approach simplifies banking for diverse groups, including the elderly, differently-abled individuals, and small-scale business owners. 

General Manager/CEO of BOC Russel Fonseka highlighted the operational transformation enabled by this partnership: “BOC Connect, powered by the trusted network of Sri Lanka Post, bridges urban and rural financial systems. Whether it’s enabling small businesses or facilitating remittances, this model is designed to provide practical solutions for everyday financial needs making financial inclusion a reality for all Sri Lankans.” 

The service also addresses a long-standing issue for families dependent on foreign remittances, providing a convenient way to access funds without extensive travel. Its availability on Saturdays further enhances convenience for customers with demanding schedules. 

Postmaster General Ruwan Sathkumara expressed enthusiasm about the partnership, stating: “We are pleased to partner with the largest State bank in Sri Lanka to bring tangible benefits to the people.” He added, “Sri Lanka Post aims to lead in Asia by offering secure, technology-driven services for all Sri Lankans.”

This partnership reinforces Sri Lanka Post’s legacy as a community-centric institution, now equipped with advanced Point-of-Sale (POS) systems and trained personnel to deliver efficient and precise banking services. Starting with an initial rollout with 100 post and sub post offices, plans are underway for a nationwide expansion to ensure equitable access to financial services across Sri Lanka.