HNB witnesses rapid increase in digital remittances

• Records 15% increase in digital remittances during COVID lockdown
• Experiences 10% increase in cardless remittance withdrawals across entire ATM network

Sri Lanka’s most technologically innovative bank HNB PLC reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.

The bank recorded a 15 percent year-on-year (YoY) increase in digital remittances and a 10 percent YoY increase in cardless withdrawals across its extensive ATM network over the past three months, primarily sourced from the Middle East and East Asian nations.

“While foreign remittances have reduced in the wake of the COVID pandemic, many Sri Lankans continue to live and work overseas while remitting money to support their loved ones back home. In many instances, the pandemic heightened the urgency for customers to ensure funds were available locally. 

In order to ensure their safety during this process, numerous customers had turned to cardless withdrawals. While these are challenging circumstances, we believe digital remittances have helped to ease the difficulties faced by customers and helped to build their confidence in digital platforms and cardless transactions,” HNB Deputy General Manager Retail and SME Banking Sanjay Wijemanne said.

During the lockdown, HNB promoted cardless withdrawals for HNB Cash Xpress transactions to facilitate speedy and convenient completion of transactions. 

The facility was easily accessible to Lankan expatriates, via mobile apps of HNB’s extensive global network of partners, to transfer funds to their loved ones back home without the danger of entering a bank.

Similarly, the HNB RippleNetblockchain facility enabled enterprises to continue international transactions. Armed with the most extensive overseas correspondent banking network in Sri Lanka, HNB strived to ensure uninterrupted service to its loyal customer base. In total, the bank has seven overseas representatives stationed in the Middle East and Europe.