Business
UNDP and IFC helping Sri Lanka to discover financial inclusion
By Sanath Nanayakkare
The barriers to financial inclusion have been a longtime problem in Sri Lanka as financial literacy has thus far been the prerogative of only the nation’s affluent customers.
However, eventually the Central Bank of Sri Lanka, 40 other national institutions, the public and private sector of the country along with the United Nations Development Programme (UNDP) and the International Finance Corporation (IFC) are now looking to help broaden financial literacy among the general public of the country to help them achieve financial freedom without allowing it to remain an exclusive right anymore.
This was revealed when the Financial Literacy Roadmap of Sri Lanka (2024-2028) was unveiled at the Central Bank of Sri Lanka on May 21st 2024.
The roadmap developed under the Financial Literacy and Capacity Building pillar of the National Financial Inclusion Strategy (NFIS) quite obviously incorporates sequenced actions proposed by the United Nations Development Programme and the International Finance Corporation (IFC) which were described by the Central Bank Governor Dr. Nandalal Weerasinghe as vital partners in rolling out the roadmap.
Introducing Mr. Beewise – the Sri Lankan Financial Literacy Expert in the first-ever financial inclusion roadmap for Sri Lanka, the multi-stakeholder knowledge tank promotes two aspects leading to financial inclusion in Sri Lanka; namely, knowledge and skills and attitude of the Sri Lankan general public by taking a cue from the busy bees.
“Bees, skilled in searching for and using resources reflect the value of knowledge to steer the day to day life prudently. The skills bees demonstrae in collecting nectar and producing honey reflect the practical skills needed in finance, budgeting, saving, investing and managing debt. And that is why we are referring to the analogue of the bee in this context,” said UNDP Resident Representative for Sri Lanka, Ms. Azusa Kubota.
“One of the mandates the Central Bank has been given is Financial Inclusion, and our endeavor towards this national agenda is strengthened and supported by the United Nations Development Programme (UNDP), the International Finance Corporation (IFC) and the members of the National Financial Inclusion Council,” said CBSL Governor Dr. Nandalal Weerasinghe.
He further said:
“Financially literate people make informed decisions about savings, investments and borrowings. They are more likely to understand the impact of the monetary policy decisions we take, and respond appropriately in line with monetary policy stance, contributing to effective monetary policy implementation.”
“Secondly, financially literate consumers will make informed choices and will demand efficient, transparent and responsible culture from the financial institutions rather than we need to regulate them all the time. Financial literacy will increase public trust in the financial system by supporting individuals to understand how the financial system works. This understanding is very important for the public to make their financial decisions. Further, financial consumers will be empowered to safeguard themselves against financial frauds which are growing with the new of technologies. More importantly, financial literacy can support reducing over-indebtedness and alleviating poverty.”
“Informed access to financial services enables people to manage their finances better, save for the future and invest in opportunities that benefit them. In the long run, this will reduce the burden on the government in terms of having to provide a social safety net, and will enable them to have better living conditions. Financially literate people can come out of poverty from their own financial decisions. A forward looking aspect of financial literacy advocates equipping the future generations with necessary financial capabilities to be financially resilient when they become adults. So, it is important for them to acquire financial literacy at school and university level.”
“Thus investing in financial literacy will be an investment in higher social and economic returns. So there are clear social and economic benefits out of financial literacy in any country. In this backdrop, the Central Bank of Sri Lanka is striving to improve the financial inclusion landscape of Sri Lanka through various initiatives.”
“The introduction of National Financial Inclusion strategy in 2021 with the help of all stakeholders by the Central Bank is currently in its implementation phase. That marks a significant milestone. The new CBSL Act entrusts the duty of promoting financial inclusion. The mandate has been given to the CBSL to formally promote financial inclusion. This road map provides an evidence based policy framework aimed at positively changing the financial behavior towards the betterment of the general public in Sri Lanka.
“Thirdly, creating of vigilant consumers is important to ensure consumer protection. As a whole, the implementation of this roadmap will be crucial in realizing the aspirations of financial inclusion in Sri Lanka,” he said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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