National Financial Inclusion Strategy of Sri Lanka by mid-2019

Mar 21, 2018 (LBO) - Sri Lanka's Central Bank expects to implement the National Financial Inclusion Strategy of Sri Lanka by mid-2019, Dr. Indrajit Coomaraswamy said in Colombo, Tuesday. "For successful implementation of this process high level political commitment is required," the Central Bank Governor said. "Most of all, active participation and commitment of all stakeholders who have been identified and whose representatives are included in the steering committee and the working committees, is essential." A consultative process will be followed involving all relevant stakeholders from the outset, he added. Through formulation and implementation of a national financial inclusion strategy, Sri Lanka is joining over 60 countries that have launched or are in the process of developing, national financial inclusion strategies. “The task of enhancing financial inclusion is indeed challenging. While considerable advances have been made, there exist several bottlenecks in achieving greater financial inclusion,” Dr Coomaraswamy said.

“We must strive to provide more accessible, effective, efficient and affordable financial services, which are responsive to the needs of the population.

” He says that this is a prerequisite for broad based and inclusive growth, which benefits every citizen of our country. The customers of financial institutions must be able to access financial services without any fear of being harassed or getting in to a debt trap. “I believe that Sri Lanka has lot of untapped potential in the use of electronic and mobile systems for banking transactions,” "Access to credit can also be improved." The Central Bank has been conducting awareness and capacity building programmes covering financial literacy and financial management, entrepreneurship development and skills development programmes for the needy segments of the population, with a special focus on youth and grass root level entrepreneurs.