SANASA Development Bank join hands with Commercial Bank to share ATM services

SANASA Development Bank Ltd. (SDBL) recently signed an agreement with Commercial Bank of Ceylon PLC to share its ATM network. Presently the Commercial Bank has as ATM network of over 400.

The new partnership between SDBL and Commercial Bank will give an opportunity for all savings account holders of SDBL to utilise the Commercial Bank ATMs for cash withdrawals.

The agreement was signed recently by Nimal Mamaduwa, General Manager/CEO of SDBL and Sanath Bandaranayake, Deputy General Manager – Operations of Commercial Bank.

SDBL is also planning to install about 10 ATMs of their own in selected branches namely, Colombo City, Matara, Ambalangoda, Karapitiya, Kegalle, Kandy, Polonnaruwa, Anuradhapura, Jaffna and Head Office at Kirulapone. ATM operations will come in to effect towards end of May 2011.

SDBL recently moved completely from a standalone back office processes to a modern, flexible accounting processing solution. The conversion to ‘Fiserv’ solutions which is a leading global provider of financial services technology solution allows the bank to put more efficient processes in place and enhance the customer experience through streamlined services.

As a further step towards strengthening their businesses, SDBL has commenced partnership with Commercial Bank for the ATM project.

A unique financial institution, SDBL is committed to uplifting the standards of living for low-income Sri Lankan families with its range of products and services. The ownership of the bank is mainly with the SANASA Movement, which is a  co-operative group founded by visionary leader Dr. P.A. Kiriwandeniya on an understanding that recognises the importance of empowering and equipping rural Sri Lankan communities with the means of entering modern economic processes.

The bank specialises in microfinance and is focused on its community customers, including farmers, fisherman, vendors, laborers and small business owners, among others.

SDBL has been ranked No. 2 in the 2009 Mix Global 100 composite ranking of Microfinance Institutions by the Microfinance Information Exchange (MIX) and in the 2008 Top 50 Microfinance Institutions by Forbes.

The bank currently offers a wide range of products supporting its commitment to uplifting general living standards of those in the most need of banking services. Some of these products target specific sectors such as agriculture and industry, with other products tailor made for specific social segments, such as women, children, youth and senior citizens.