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 value-added 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.