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.
Dialog Axiata PLC announced its consolidated financial results for the three months ended 31st March 2025. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group delivered a strong performance across Mobile, Fixed Line, Digital Pay Television and Tele-infrastructure businesses recording a positive Revenue growth of 4% Year on Year (“YoY”) to reach Rs43.3Bn for Q1 2025. On a Quarter on Quarter (“QoQ”) basis Revenue declined by 5% owing to conscious scaling down of low margin international wholesale business amounting to Rs1.7Bn for Q1 2025. Group Core Revenue was recorded at Rs41.4Bn for Q1 2025, up 20% YoY albeit declining 2% QoQ due to days impact. Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) recorded a growth of 45% YoY to reach Rs19.7Bn albeit declining 7% QoQ due to moderate decline in core Revenue.
Headline EBITDA margin improved 12.8 percentage points as compared to Q1 2024. The Group Net Profit After Tax (“NPAT”) was recorded at Rs4.1Bn for Q1 2025 up 49% YoY albeit declining 39% QoQ. Dialog Group continued to be a significant contributor to state Revenues, remitting a total of Rs14.8Bn to the Government of Sri Lanka (“GoSL”) during Q1 2025. Total remittances included Direct Taxes and Levies amounting to Rs4.5Bn as well as Rs10.3Bn in Consumption Taxes collected on behalf of the GoSL. The Group continues to remain steadfast to meet growing demand from both retail and corporate sectors, whilst also ensuring seamless experience and leadership in Sri Lankas’ Broadband and ICT sectors. Dialog mobile network was recognised by third party network monitoring platform as the leader across 5G Experience, Coverage and Overall Experience. The Capital expenditure (“Capex”) for Q1 2025 reached Public
Rs3.7Bn representing an increase of 36% YoY. As a result of improved performance and controlled Capex, the Group recorded Operating Free Cash Flow (“OFCF”) of Rs12.3Bn for Q1 2025 up 71% YoY and >+100% QoQ.
In the recent quarter, Dialog was honoured as the ‘Telecommunication Brand of the Year’ for the 14th consecutive year and the ‘Service Brand of the Year’ for the 4th time at the SLIM-KANTAR People’s Awards 2025, held on March 18, 2025. This recognition, awarded based on the voice of the people, reflects the strong affinity with Sri Lankans over the years. Dialog was also recognized at the ACCA Sustainability Reporting Awards 2024, winning the ‘Non-Financial Services Category’ for its exemplary commitment to sustainability and transparency. This achievement reflects the company’s ongoing efforts to integrate sustainability into its business strategy and operations.
At an entity level, the Company continued to contribute a major share of Group Revenue (74%) and Group EBITDA (72%) during the quarter. Company Revenue was recorded at Rs32.3Bn up 26% YoY due to consolidation of Airtel business and stable pricing in the consumer space. On a QoQ was down 1% owing to days impact. EBITDA was recorded at Rs14.2Bn for Q1 2025 representing a growth of 63% YoY on the back of strong revenue performance and moderation in cost increase. On a QoQ basis EBITDA declined by 21% due to higher Network and Manpower costs. The Company NPAT was recorded at Rs2.9Bn for Q1 2025, up 78% YoY albeit declining 64% QoQ. Dialog Television (“DTV”), continued to consolidate its leadership position in the Digital Pay Television space, maintaining a strong subscriber base of over 1.6Mn as of end Q1 2025. DTV Revenue reached Rs3.1Bn for Q1 2025, remaining stable YoY albeit declining 6% QoQ due to slow down in subscription revenue and days impact. DTV EBITDA was recorded at Rs475Mn a growth of 3% YoY whilst declining 29% QoQ largely in line with the revenue movement. NPAT was recorded at a negative Rs367Mn for the quarter. Dialog Broadband Networks (“DBN”) featuring the Group’s Fixed Telecommunications, Broadband and International Businesses recorded Revenue of Rs9.0Bn for Q1 2025, down 38% YoY and 17% QoQ. The headline Revenue decline was due to the scaling down of low margin international wholesale business. The Core Fixed Business recorded a Revenue of Rs7.8Bn for Q1 2025, up 6% YoY and 2% QoQ. The EBITDA Public for DBN grew 24% YoY and 82% QoQ to record at Rs5.0Bn for Q1 2025, driven by decline in Network and Manpower costs. NPAT reached Rs1.6Bn for Q1 2025 increasing 72% YoY. More details are available at the following links:
Dialog Axiata PLC direct weblink: https://www.dialog.lk/financial-report-archives#quaterly-reports
CSE direct weblink: https://www.cse.lk/pages/company-profile/company-profile.component.html?symbol=DIAL.N0000
Dialog sustainability: https://www.dialog.lk/sustainability
Sri Lanka celebrates a moment of immense national pride as hachajah – the artistic moniker of Colombo-born singer, songwriter and producer Charith Peris — secures two prestigious accolades at the Contemporary A Cappella Recording Awards (CARAs), hosted by the Contemporary A Cappella Society (CASA). These global awards, considered the highest honour in recorded a cappella music, have previously recognised internationally acclaimed acts like Pentatonix, now a household name in the genre.
hachajah’s debut EP, No Place Like, was awarded Best Semi-Professional Post-Collegiate Album or EP, while his poignant single Colombo Sky earned Best Song by a Solo Performer. With eight nominations and runner-up honours in two additional categories, this debut marks a breakout moment for the artist – and a significant cultural win for Sri Lanka.
“Winning a CARA was a personal dream. To win two with my first EP is surreal,” hachajah shares. “These awards are an honour to receive, as they recognise my journey, my Sri Lankan roots, and the stories I carry through music.”
Known for his distinctive fusion of pop a cappella with traditional Sri Lankan narratives and musical elements, hachajah crafts songs that are both deeply personal and widely resonant. Drawing from his experiences growing up in Colombo during the civil war, his music explores themes of identity, longing, and cultural memory.
Season 4 Honda Purudu Championship Finals were held at the Temple Trees Auditorium on the 27th of April, with the Rotary district governor, Sushena Ranatunga, as the chief guest. The governor enlightened the audience, filled with teachers, principals and other educators the importance of bringing back the lost values in our country. He thanked the children for learning and expressing these important values using performing arts and advised them to make them part of their daily lives.
Children in Sri Lanka are navigating a world filled with complex moral dilemmas and often lack the guidance to cultivate essential values like kindness, honesty, and respect. Honda Purudu Championship is part of the Little Minds Strong Values (LMSV) program, conceptualised by Rotarian Rukshan Perera, supported by the Rotary Club of Colombo Metropolitan, and collaborated with the Ministry of Education to roll out to schools around the country. LMSV attracts the children with engaging, value-embedded, video-animated songs that teach core values while inspiring the child
ren to express these values and perform skits in school and join the Honda Purudu Championship through the performing arts. This process aspires to place values education at the forefront of children’s lives (in school and at home) and mould the next generation to become compassionate and responsible leaders.
HONDA PURUDU CHAMPIONSHIP: The annual Honda Purudu Championship further encourages children and schools to participate and sustain these values while winning Awards & Certificates. It is open to preschoolers, primary and secondary schoolers in the Solo and Group categories. As a byproduct, the children continue to enhance their talents in the performing arts.
Season 4 LMSV Championship has made remarkable strides with more than 11,000 children showcasing active engagement nationwide, with schools embracing LMSV values in various innovative ways, benefiting thousands of children. The professional judges selected 140 children, and they were invited to the finals in Colombo. They came from North, South, East and West – Jaffna, Ampara, Batticaloa, Galle, Kalutara, Kandy, Badulla, and several other big cities and small towns. Children selected LMSV songs of their choice to eagerly express these values via Song, Dance, Speech, and Drama. In the process, they surprised the audience with their fabulous talents, wearing beautiful costumes, expressing these values in the mediums they enjoy, and elevating the afternoon to an impressive event.
The principals, teachers and other educators spoke very highly of the event; “We are thankful to the Ministry of Education and Rotary for introducing LMSV to schools”, “This is an innovative program for children to build future leaders with good morals”, “Every child must be exposed to the LMSV program to build the future of our country”…etc.
COMPREHENSIVE WEBSITE TO DRIVE THE PROCESS: LMSV website WWW.LMSV.LK provides a comprehensive platform that connects educators with integrated tools in one seamless experience. It’s a one-stop shop for teachers, parents, students, and the community to learn the program via online tutorials, guides, and presentations.
This is an annual event organised by the Rotary Club of Colombo Metropolitan, and we welcome all school principals, teachers and parents around the country to help the children join the Honda Purudu Championship and learn these important values for life. Season 5 will begin in May 2025.
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