Daily Mirror (Sri Lanka)

CB implements mobile applicatio­n to facilitate more foreign remittance­s


„■ Move comes after recommenda­tion of a Working Committee comprised of leading banks

„■ ‘Sl-remit’ is also expected to reduce cost of remitting money, while discouragi­ng informal channels

The Central Bank yesterday said following the recommenda­tions of a Working Committee appointed to study and suggest new remittance channels to Sri Lanka, it has decided to implement the ‘Sl-remit’ mobile applicatio­n to attract more remittance­s to Sri Lanka.

The committee was also asked 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.

The Working Committee comprised of 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 Limited, Cargills Bank Ltd, Dialog Axiata PLC and Mobitel (Pvt.) Ltd and CBSL.

The Working Committee has proposed the implementa­tion of a national remittance mobile applicatio­n titled Sl-remit to attract more remittance­s to Sri Lanka, with features such as self registrati­on of users, the ability to link to global money transfer operators and global fintechs to facilitate remittance­s from any country, instant fund transfer to any bank account/mobile wallet in Sri Lanka.

In addition, the applicatio­n would include valueadded services such as direct bill payments, attractive foreign exchange rates and low transactio­n fees.

“The CBSL will now implement the ‘Sl-remit’ mobile applicatio­n with the assistance of stakeholde­rs, including the Finance Ministry, Foreign Affairs Ministry, Sri Lanka Banks’ Associatio­n, Sri Lanka Bureau of Foreign Employment and Lankaclear (Pvt.) Ltd,” the Central Bank said.

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