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March 05, 2010 (LBO) - Etisalat's new Sri Lankan mobile subsidiary is in talks with banks to offer financial services on mobile phones, such as money transfers for migrant workers in the Middle East, a senior company official said.
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Riyaaz Rasheed deputy chief executive of Etisalat Lanka said the mobile operator is seeking to tie-up with banks to offer the financial services.

"We're already talking to two of the biggest banks in Sri Lanka," he told LBO.


Rasheed declined to identify the banks, citing non-disclosure agreements signed with them.

Etisalat, the United Arab Emirates-based telecom firm, acquired 100 percent of the Sri Lanka operation called Tigo from Millicom International in October 2009 and has renamed it Etisalat Lanka.

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The celco is the third-largest mobile telephony operator in Sri Lanka with 2.5 million customers and an estimated market share of around 20 percent.

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Rasheed said one business the company was looking at was money transfer services especially for Sri Lankan migrant workers in the Middle East where Etisalat has a strong presence.

"There is a huge Sri Lanka population working outside - in the Middle East market where Etisalat operates in a big way.

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Migrant workers now remit

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