Connect with us

Business

Cargills Bank expands banking convenience to 51 new Cargills supermarkets

Published

on

Senarath Bandara, MD/CEO of Cargills Bank

Cargills Bank is unique among Sri Lankan banks in offering cash deposit and withdrawal facilities via Cargills Supermarket checkout counters through its Supermarket Banking service. Now, in a further landmark expansion of this initiative, Cargills Bank has announced that an additional 51 Cargills Supermarket outlets will provide this service, increasing the number of banking-enabled supermarkets from 479 locations to 530 supermarkets. This initiative leverages Cargills supermarkets’ extensive Islandwide retail network, and is part of the bank’s ongoing mission to drive inclusivity by bringing essential financial services closer to every corner of the country.

Cargills Bank was the first to introduce agency banking in Sri Lanka through a unique partnership with the Cargills Retail network, allowing customers to manage their basic banking needs while shopping for groceries.

This innovative “Bank while you shop” service provides convenient access to services such as deposits, withdrawals, and the collection of local and foreign remittances for Sri Lankans in both rural and urban areas.

This unique model stands out for many reasons. Cargills supermarkets operate 365 days a year, from 8.00am to 10.00pm, providing a level of accessibility that goes well beyond a conventional bank branch.

Additionally, customers benefit from a secure environment with human assistance, for a more personalised, customer-centric experience. Even non-customers can take advantage of this service, using the bank’s unique collection account facility to make third-party payments and settle bills at their local supermarket.

Commenting on this milestone, Senarath Bandara, MD/CEO of Cargills Bank said, “The expansion of supermarket banking is yet another step towards fulfilling our commitment to providing our customers with unmatched benefits and convenience. We are grateful to be supported by the Cargills Group, as we strive to be the most progressive and inclusive bank in Sri Lanka, providing innovative financial solutions that fulfil the needs of all Sri Lankans, whether in bustling cities or remote villages. We also take this opportunity to express our gratitude to the Central Bank of Sri Lanka, which has supported us in this initiative, as the Regulator, since we launched agency banking in 2017. These additional 51 locations have been added to our network with the approval and oversight of the Central Bank.”

Cargills Supermarket banking is particularly useful in towns and rural areas, where traditional banking services are less accessible..



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration

Published

on

Containers held up at the Port of Colombo

By Ifham Nizam

The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.

Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.

‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.

For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.

Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.

‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other

Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.

He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.

‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.

For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.

Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.

Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.

‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’

He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.

Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.

Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.

Continue Reading

Business

China backs Sri Lanka’s Non-aligned stance to counter regional pressures

Published

on

Chinese Ambassador Wei Huaxiang delivering the keynote address in Colombo

By Sanath Nanayakkare

As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.

In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.

By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.

The Strategic Value of Independence

For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.

Beyond Ports and Industrial Zones

This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.

By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.

As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.

For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.

Continue Reading

Business

Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer

Published

on

Dr. Sameera Dharmasena

Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.

Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.

Continue Reading

Trending