As Workers’ remittances inflows continued to tumble for the past three months, the Central Bank of Sri Lanka (CBSL) has decided to “SL-Remit” mobile application with the assistance of key stakeholders with a target to increase remittances inflows while discouraging the use of informal channels.
Following recommendations submitted by a CBSL-appointed Working Committee comprised of banking and telco professionals, the CBSL announced the implementation of “SL-Remit” mobile app with the backing of the Ministry of Finance, Ministry of Foreign Affairs, Sri Lanka Banks’ Association, Sri Lanka Bureau of Foreign Employment and LankaClear (Pvt) Ltd.
“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 & 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 value-added services such as direct bill payments, attractive foreign exchange rates, and low transaction fees,” the CBSL said.
Workers’ remittances inflows during the January to August period of this year recorded a decline of 2.8% to $4.2 billion compared to the last year.
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 CBSL had appointed the Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money.
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 Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt) Ltd, and CBSL.