The Central Bank of Sri Lanka has decided to introduce a National Remittance Mobile Application titled “SL-Remit” to attract more remittances to Sri Lanka.
The CBSL in a statement said it appointed a Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money.
It added the Central Bank has 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 meanwhile has proposed to introduce a Mobile Application with features such as self-registration of users, the ability to link to global money transfer operators & 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 said it will now implement the “SL-Remit” mobile application with the assistance of stakeholders, including the Ministry of Finance, Ministry of Foreign Affairs, Sri Lanka Banks’ Association and the Sri Lanka Bureau of Foreign Employment.