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
Cyber heist at External Resources Dept: Funds diverted in email hack, CID probe underway
A suspected cyber fraud targeting Sri Lanka’s Department of External Resources has triggered a high-level investigation after hackers allegedly manipulated official email communications to divert funds to unauthorised overseas accounts, Deputy Finance Minister Dr. Anil Jayantha Fernando said.
The sophisticated breach is believed to have involved the interception and alteration of email exchanges between the Department and Export Finance Australia, raising serious concerns over vulnerabilities in the Government’s digital financial communication systems.
According to the Deputy Minister, the fraud came to light following suspicious changes detected in bank account details linked to a payment transaction involving India. This anomaly prompted officials to scrutinise prior correspondence, eventually uncovering what appears to be a coordinated cyber intrusion designed to reroute funds.
“This was not a routine technical glitch. There is clear indication of external interference where communication trails have been tampered with,” Jayantha said, noting that complaints had already been lodged with law enforcement authorities.
“Investigations are now being handled by the Criminal Investigation Department (CID), which is probing the extent of the breach, the financial losses incurred, and the possible involvement of international cybercrime networks”.
Financial analysts warn that the incident underscores growing risks faced by state institutions engaged in cross-border financing arrangements, particularly when relying heavily on unsecured or inadequately protected communication channels.
The Department of External Resources plays a pivotal role in managing Sri Lanka’s foreign-funded projects and liaising with international lenders and export credit agencies. Any compromise in its communication systems could have far-reaching implications for investor confidence and the country’s financial credibility.
Authorities are expected to review existing cybersecurity protocols across key financial institutions in the wake of the breach, with calls mounting for tighter safeguards, encrypted communications, and multi-layer verification systems for fund transfers.
Meanwhile, officials remained tight-lipped on the exact quantum of funds involved, citing the ongoing nature of the investigation. However, sources indicated that the attempted diversion was significant enough to raise alarm at the highest levels of the Finance Ministry.
The incident adds to a growing list of cyber-related financial threats confronting governments worldwide, highlighting the urgent need for robust digital governance frameworks as Sri Lanka continues to engage with international financial partners.
By Ifham Nizam
Business
Sun Siyam Pasikudah marks the New Year at the shore of Sri Lanka’s rising coast
There is something about Avurudu that naturally fills every corner of Sri Lanka with energy and connection, and this year, that spirit extended to the shores of Pasikudah. At Sun Siyam Pasikudah, part of the Prive Collection within The House of Siyam, the Sinhala and Tamil New Year was celebrated on 14 April with a vibrant, full day programme that brought together guests and team members in true festive spirit, warm, lively, and centred around shared traditions and generous feasts.
The day followed the rhythm that Sri Lankan families know well. At the auspicious hour determined by the almanac for the New Year, the hearth at The Kitchen was ceremonially lit and the milk pot set to boil, symbolising warmth, unity, and the drawing in of abundance for the year ahead. This followed another auspicious moment at noon where a Traditional Sweet Table was laid out, where kiribath, kokis, kavum, aasmi and more were on offer, prepared by the resort’s culinary team and enjoyed by guests who had gathered, some for whom this was the most natural thing in the world, and others encountering the tradition for the very first time.
From 3:00 PM onwards, the afternoon opened into games. The resort grounds hosted the full run of Avurudu classics: Kana Muttiya (Pot Breaking), Kaba Adeema (Tug of War), Banis Kama (Bun Eating Contest), Balum Pipirawima (Balloon Blowing), Kotta Pora (Pillow Fighting), the Sack Race, Spoon Race, Blindfold Yogurt Feeding, Eyeing the Elephant, and Finding the Coin on the Plate. Guests of all ages joined in, and the kind of laughter that filled the afternoon is really the only way to describe what Avurudu at its best feels like.
“Avurudu is one of those occasions where the feeling in the air does all the work. The auspicious timings, the lighting of the hearth, the sweet table, the games in the afternoon: each of these carries its own meaning, and when you observe them properly and together, the day takes on a quality that is hard to replicate at any other time of year. We wanted our guests, wherever they had travelled from, to feel genuinely part of that, not simply watching from the outside. I think the day showed that Pasikudah is a place where that kind of celebration feels entirely at home,” said Arshed Refai, General Manager, Sun Siyam Pasikudah
The celebration is also a reflection of a broader moment for this stretch of the Sri Lankan coast. Pasikudah has long been known among those who seek it out: a bay of extraordinary calm and clarity, unhurried in a way that the island’s busier coastal destinations rarely are. What has shifted in recent years is that more people are finding it. Sri Lanka welcomed over 600,000 international visitors in the first quarter of 2025, generating tourism revenue of USD 1.025 billion, and the East Coast is increasingly part of that conversation. Sun Siyam Pasikudah has been central to placing Pasikudah on that map.
The resort’s 34 pavilions, offered in one and two bedroom configurations across garden and beach settings, are styled in a way that is quietly striking: monochrome interiors with warm golden accents, spacious and well-considered, always with the ocean close by. Dining is spread across The Kitchen, The Cellar, The Slice and Grill, The Tea House, and The Bar, with destination dinners available for guests who want a private evening under the stars. Sailing excursions along the coastline, spa and wellness, and encounters with local arts and crafts complete what Sun Siyam Pasikudah offers throughout the year.

Business
Allianz Avurudu Negam returns, easing the journey home
During the Sinhala and Tamil New Year, a time defined by togetherness, tradition and returning home, Allianz Insurance Lanka Limited once again stood alongside Sri Lankan communities by continuing its Avurudu Negam initiative for the second consecutive year, expanding its reach to support families during the festive travel period.
Building on the positive response to last year’s programme, Allianz Avurudu Negam 2026 was shaped to make the journey home special and loved during Avurudu. In response, Allianz offered ticket refunds to eligible passengers travelling on the Galu Kumari service from Maradana, supporting passengers journeying home to celebrate the New Year with loved ones.
Passengers boarding from Maradana and Fort and travelling beyond Galle up to Belliatta were eligible for the refund, helping make the journey home more affordable at a meaningful time of year. Acknowledging that financial strain frequently continues even after the celebrations conclude, Allianz extended the refund window until 30th April, easing the cost of returning to Colombo after Avurudu.
To complement this support, Allianz added a heartfelt touch rooted in New Year tradition. Traditional oil cakes were distributed to passengers boarding from Maradana, allowing families to take a familiar symbol of Avurudu back home and share it around their festive tables.
Allianz also prioritised protection during this period. Passengers eligible for the refund were given the option to obtain free Allianz Personal Accident Insurance, reflecting the belief that protection does not end with a journey, but continues wherever people go. In addition, these passengers were included in an LKR 1 million raffle draw, as an extension of the existing campaign, offering one winner shopping vouchers redeemable at outlets of their choice and support that extends beyond the New Year season.
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