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Sri Lanka and IFC in bid to boost financial inclusion

ECONOMYNEXT – Washington based International Finance Corporation and Sri Lanka’s central bank has teamed up to develop a strategy to boost financial inclusion, the World Bank group member said.

The National Financial Inclusion Strategy (NFIS) will "promote a more effective and efficient process to improve financial inclusion across Sri Lanka", IFC said in a statement.

"CBSL (Central Bank of Sri Lanka) has identified the need to develop a strategy for Financial Inclusion at the national level to achieve sustainable development and create a conducive financial environment to bring under-served segments of society to the formal financial sector," Central Bank Governor Indrajit Coomaraswamy, was quoted as saying.

"It will provide guidance on the directions for the country to achieve an inclusive financial system where people have effective access to a range of affordable financial services."

IFC, will provide technical assistance to CBSL to develop the NFIS, involving consultations with members of the public sector, private sector, civil society organizations, and academia.

"The process provides an important opportunity to introduce an evidence-based, prioritized, better resourced, and more comprehensive approach to expanding access to financial services," IFC said. (Colombo/Jan10/2018)

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