Financial inclusion in Sri Lanka..

Nice paper on fin inclusion in SL by Saman Kelegama and Ganga Tilakaratna.

Without much hype, SL has made rapid strides in financial inclusion in South Asian region. About 68% of households have banking accounts highest penetration in the region:

Sri Lanka has achieved a high level of financial inclusion compared to other South Asian countries. Its financial sector comprises a wide range of financial institutions providing financial services such as loans, savings, pawning, leasing and finance, and remittance and money transfer facilities. There is also evidence that a larger share of households in Sri Lanka accesses multiple financial institutions for their credit and savings needs. However, the use of insurance services, ATM facilities, e-payments, and mobile banking, is relatively low. Financial education is ad hoc and lags behind financial innovation and new products. The information technology (IT) literacy rate is only 35% in Sri Lanka, and with the growing IT–finance nexus, financial awareness and education have become all the more important. Strengthening the regulatory framework governing the microfinance sector and client protection is also crucial for improving financial inclusion in Sri Lanka. Much scope remains to improve financial inclusion, particularly related to cost and quality of financial services provided, and the sustainability of financial institutions.

Nice simple summary of SL’s financial inclusion policy and results..

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One Response to “Financial inclusion in Sri Lanka..”

  1. Joel Lionel Fernandes Says:

    Reblogged this on Joel Lionel Fernandes and commented:
    Worth your time

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