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.
Business
Asia-Pacific business leaders to accelerate sustainable business action
More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.
Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.
More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.
Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.
A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.
Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.
The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.
Business
Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025
The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.
The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.
Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.
The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.
Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.
The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.
Business
Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia
Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).
Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.
Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.
Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.
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