CBSL will set up the “SL-Remit” mobile application

The Central Bank of Sri Lanka (CBSL) had appointed a working committee to study and suggest new remittance channels for Sri Lanka and make recommendations on reducing the cost of remittances, after identifying the need to introduce new low-cost remittance channels with the objective of increasing the flow of foreign remittances while discouraging the use of informal channels.

The working committee was composed of experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National BankPLC, The Hongkong and Shanghai Banking Corporation Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt ) Ltd and CBSL.

The working committee proposed the implementation of a national mobile remittance application called ‘SL-Remit’ to attract more remittances to Sri Lanka with features such as user self-registration. , the ability to connect to global money transfer operators and global FinTechs to facilitate remittances. from any country, instant funds transfer to any bank account / mobile wallet in Sri Lanka. In addition, the application would include value-added services such as direct bill payment, attractive exchange rates and low transaction fees.

CBSL will now implement the “SL-Remit” mobile app with the help of stakeholders including Ministry of Finance, Ministry of Foreign Affairs, Association of Banks of Sri Lanka, Employment Office foreigner from Sri Lanka and LankaClear (Pvt) Ltd.

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