Business
Union Assurance is redefining financial literacy in Sri Lanka
‘Blog It Symposium’
The ‘Blog It Symposium’ hosted by Union Assurance on March 27 at the BMICH, had drawn writers, students and professionals alongside literary giants like Ashok Ferrey. The event was less a corporate gathering and more a cultural movement, symbolising a quiet revolution in Sri Lanka’s journey toward financial empowerment.
Financial literacy, often confined to jargon-filled pamphlets or intimidating technical writeups, has found an unexpected ally in storytelling with Union Assurance’s Blog It initiative, launched years prior, which recognises a universal truth: people connect with stories, not statistics. By inviting bloggers and writers to explore themes like life insurance, savings, and generational wealth through personal narratives, the initiative transforms complex concepts into relatable tales. A mother’s account of securing her child’s education amid economic uncertainty, a young entrepreneur’s journey from debt to stability, or a retiree’s challenges in the rest of his or her life were the seeds of stories that resonated deeply with the writers in the audience especially because they are writing for a society whose financial planning is often overshadowed by day-to-day struggles.
Ashok Ferrey, the keynote speaker asked the audience,” Why do we write? “We write,” he suggested, “to express ourselves in ways that evade the rigid pathways of ordinary consciousness.” Imagine, he said, slipping into a disguise to go to a fancy dress party; that lets you be someone else. Writing, in Ferrey’s vision, operates similarly—it is a costume party for the psyche. “When we write, we shed the constraints of our daylight selves. The keyboard or pen becomes a mirror that reflects not who we are, but who we might invent,” he said.
“These aren’t just blogs,” remarked Lal Medawattegedara, novelist and symposium panelist. “They’re survival guides written in the language of the people.”
Rather than lecturing, Union Assurance has created a platform for dialogue. Winning entries, published in newspapers and shared across social media, turns anonymous writers into local influencers. A gem merchant from Ratnapura, whose blog on gem buying and selling would go viral, encouraging young people in the area to follow suit. A Colombo college student’s poem about her family’s medical debt would inspire a community savings drive. “Financial literacy isn’t about telling people what to do,” said Union Assurance CMO Mahen Gunarathna. “It’s about giving them the tools to write their own futures.”
As the 2025 symposium concluded, the message was clear: financial literacy is not a solo journey but a shared narrative.
In a world where money talks, Union Assurance has mastered a profound lesson: sometimes, the most powerful currency is a story well told. Sri Lankans are not just learning about finances—they’re rewriting their financial destinies with the support of Union Assurance.
By Sanath Nanayakkare
As agreed with the Sri Lanka Banks’ Association (Guarantee) Ltd. (SLBA), to provide relief measures to affected SMEs by licensed commercial banks and licensed specialised banks, Circular No. 04 of 2024 dated 19.12.2024, and its addendum, Circular No. 01 of 2025 dated 01.01.2025 were issued by the Central Bank of Sri Lanka to ensure the effective implementation of the relief measures specified in the cited Circulars in a consistent manner across all licensed banks.
In case of any rejections or disputes, borrowers are requested to contact the respective banks and to appeal to the Director, Financial Consumer Relations Department of CBSL (FCRD), if required through the following channels:
Based on the repayment capacity and the submission of an acceptable business revival plan by the borrower, the relief measures extended to affected SMEs include rescheduling of credit facilities up to a period of 10 years, extending the time to commence repayments based on the capital outstanding, waiving off unpaid interest subject to conditions, and providing new working capital loans. Despite the availability of the above relief measures, limited number of borrowers had approached licensed banks to avail themselves of these benefits to date.
In addition to the above measures, with the gradual recovery of the economy, in order to facilitate the sustainable revival of businesses that were adversely affected during the recent past, several other measures were taken by CBSL together with the banking industry.
Accordingly, inter alia, strengthening the Post Covid 19 revival units of licensed banks, CBSL issued Circular No. 02 of 2024 dated 28.03.2024 on “Guidelines for the Establishment of Business Revival Units of Licensed Banks” mandating banks to establish Business Revival Units (BRUs) to assist viable businesses that are facing financial and operational difficulties.
Under BRUs, banks may provide support to viable businesses, such as restructuring and rescheduling of credit facilities including the adjustment of interest rates, maturity extensions, providing interim financing, advisory services etc., subject to the condition that such borrowers are required to submit acceptable business plans and feasible repayment plans. As reported by banks, by the end of 2024, around 6,000 facilities had been facilitated through these BRUs.
The above cited Circulars and Guidelines can be accessed via https://www.cbsl.gov.lk
Visa (NYSE: V), the global leader in digital payments reiterated its support to women entrepreneurs across Sri Lanka as a part of its International Women’s Month celebrations across the world, by stating a firm commitment towards financial inclusion and digitization of women-led businesses, and hosted women from different walks of life in a specially curated event at Colombo.
Avanthi Colombage, Country Manager for Visa in Sri Lanka and Maldives stated, “At Visa, we believe in being the best way to pay and be paid by uplifting everyone, everywhere. This year, we celebrated International Women’s Month to support the very capable businesswomen in our country, with an event titled ‘Overcoming Barriers to Growth’ along with Square Hub, an incubator and business accelerator.”
The event by Visa brought together 35 upcoming women entrepreneurs across various sectors, including fashion, e-commerce, fintech, technology, manufacturing, and agriculture. While prominent industry experts shared views, learnings and experiences from their own journeys, the event also facilitated open discussions and networking among entrepreneurs, on how they can build and sustain thriving businesses.
Avanthi elaborates that Visa has built a firm foundation in supporting female entrepreneurship and the empowerment of women in Sri Lanka and understands the challenges women-owned businesses face when seeking capital, access, networks and guidance and continues to actively uplift women in Sri Lanka. Globally and in Sri Lanka, Visa believes that the participation of women is key to the growth of an economy. Avanthi adds, “Two years ago, when we celebrated 35 years of Visa in Sri Lanka, we announced a grant for The Asia Foundation to assist women-led small and medium businesses (SMBs) throughout the country. This initiative offered vital seed funding, skills training, and financial inclusion opportunities for women entrepreneurs, helping remove some major barriers to their success,” she recalled.
Environmental groups, including the Wildlife and Nature Protection Society (WNPS), the Centre for Environmental Justice (CEJ) and the Environmental Foundation Ltd. (EFL), are raising renewed concerns about the potential ecological impact of large-scale wind energy development on Mannar Island. Conservationists argue that the island, home to a unique and sensitive ecosystem, faces serious risks from industrial projects that may disrupt biodiversity and endanger local wildlife.
At the heart of the controversy is whether the environmental issues raised by Adani Group’s proposed wind energy project in Mannar were being adequately considered. Critics argue that tariff negotiations and economic interests overshadowed ecological assessments, potentially leading to a project that might compromise the island’s rich natural heritage.
“Can wind energy coexist with Mannar Island’s fragile ecosystem? asked environmental scientist Hemantha Withanage of the CEJ.
He told The Island Financial Review: “We must ensure that our transition to renewable energy does not come at the cost of irreplaceable biodiversity.”
Other conservationists have pointed out that environmentalists are often misrepresented as obstructionists in debates over development. “Are we being painted as enemies of progress, or is the public being misled about the real consequences of such projects? questioned Dr. Rohan Pethiyagoda, a leading environmental advocate.
With Adani’s possible withdrawal from the project, there is now an opportunity to reevaluate Sri Lanka’s approach to sustainable energy. Experts emphasize the need for a smarter, science-driven path that prioritizes both renewable energy and environmental conservation.
A joint media conference, scheduled for today at the Dutch Burgher Union, Colombo, aims to address these concerns. Organized by WNPS, CEJ, EFL and Pethiyagoda, the event will explore questions such as whether the project might resurface under a new guise and who the true beneficiaries of such large-scale energy initiatives are.
By Ifham Nizam
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