Sunday Nov 24, 2024
Sunday Nov 24, 2024
Saturday, 9 October 2021 00:40 - - {{hitsCtrl.values.hits}}
The Central Bank of Sri Lanka (CBSL) said yesterday it has appointed a working committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money, having identified the need to introduce new and low-cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels.
CBSL, in a statement, said the working committee comprised experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, The Hongkong and Shanghai Banking Corporation Ltd., Cargills Bank Ltd., Dialog Axiata PLC, Mobitel Ltd., and CBSL.
The working committee had proposed the implementation of a national remittance mobile application titled ‘SL-Remit” to attract more remittances to Sri Lanka with features such as user self-registration, the ability to link to global money transfer operators, and global fintechs to facilitate remittances from any country, and instant fund transfers to any bank account or mobile wallet in Sri Lanka. In addition, the application would include value-added services, such as direct bill payments, attractive foreign exchange rates, and low transaction fees.
“CBSL will now implement the ‘SL-Remit’ mobile application with the assistance of stakeholders, including the Ministry of Finance, Ministry of Foreign Affairs, Sri Lanka Banks’ Association, Sri Lanka Bureau of Foreign Employment, and LankaClear Ltd.,” the statement added.
