Inward foreign remittances
Sampath Bank PLC is offering an additional reward of Rs. 8 per US dollar for remittances made through the ‘Sampath e-remittance’ service and converted into Sri Lankan Rupees during the month of December 2021.
With an incentive of Rs. 2 per US dollar already being offered under the “Incentive Scheme on Inward Workers’ Remittances”, the Bank is now offering a total incentive of Rs. 10 per US Dollar.
This is applicable to all funds that are remitted through the Sampath e-remittance service and converted into Sri Lankan Rupees by Sampath Bank customers as well as all others, during the period 01 to 31 December 2021. In doing so, Sampath Bank goes live in providing the incentive in real time for over-the-counter payment and Sampath Bank accounts.
The rewards programme is another way in which Sampath Bank seeks to support the Central Bank of Sri Lanka’s (CBSL) ongoing efforts to encourage all Sri Lankans living and working around the world to remit money to their loved ones in Sri Lanka through Licensed Banks (LBs) and other internationally accepted formal channels. Aimed at attracting more workers’ remittances to the country through formal banking channels, the additional incentive being provided is set to help improve foreign currency liquidity in the domestic foreign exchange market.
‘Sampath E-remittance’ is an internet-based instant money transfer service that enables Sampath Bank customers as well as all others to receive money in Sri Lanka from their loved ones around the world.
Anyone looking to send money to the country can simply visit one of over 160 agents around the world, or simply send money via the App of the respective Agent.
Paying the amount to be remitted along with applicable charges to the agent in the foreign country, they need to provide the details of the beneficiary including full name and national identity card or driving license or passport number. The agent will provide the sender with a reference number.
Senders can make three types of payments in Sri Lankan Rupees, viz., over-the-counter payments at Sampath Bank branches, credits to Sampath Bank Accounts and credits to other Sri Lankan Commercial Banks through SLIPS (Sri Lanka Interbank Payment System), CEFT (Common Electronic Fund Transfer), or RTGS (Real-time gross settlement)
Berendina bags Silver at the CA Sri Lanka 56th Annual Report Awards
Berendina Micro Investments Company Limited, better known as BMIC among its microfinance clientele and partners, won the Silver award at the 56th Annual Report Awards organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), under the category of Finance Companies and Leasing Companies (total assets up to Rs. 20 Billion). Over 70 companies, ranging from conglomerates, multinationals to non-profit organisations, and SMEs, were honoured at this year’s competition for their excellence in financial reporting. The gala event of this year held on 09th December 2021 at BMICH. Being the first Microfinance Company licensed by the Central Bank of Sri Lanka, BMIC is no stranger to this annual competition having won a prestigious Gold Award in 2017 and Merit Award in 2018.
The award from CA Sri Lanka is the fourth award to be won by BMIC during the financial year 2021, having won 3 international awards, namely, ‘The Best Microfinance Company in Sri Lanka’ and ‘The Best Agricultural Lending Company in Sri Lanka’ awards from the UK based Global Banking and Finance Review magazine as well as ‘Donor’s Choice Award’ at the international competition conducted by SCALE Green Creative Adaptation Awards in USA in 2021. Focused on poverty alleviation, BMIC as a Microfinance Institution (MFI) extends micro-credit facilities and enterprise development services that ensure long term sustainability and growth of business ventures of its clients, providing loans at the lowest interest rate compared to other MFIs in Sri Lanka. At present, BMIC manages a loan portfolio of over Rs. 3.1 billion and an annual turnover exceeding Rs. 900 million. It supports well over 70,000 microfinance clients through its 30 Branches in 11 districts. The CA award bestowed on BMIC is another testament to its commitment in continuously supporting its clients to overcome the obstacles during difficult times, while preserving its transparency in reporting, corporate governance, sustainability and social responsibility.
SLIC repositions Business Club insurance with more focus on SMEs
Sri Lanka Insurance last week announced repositioning of its Business Club insurance, a trade insurance policy which provides a comprehensive business insurance solution to fit for the diverse insurance need of small and Medium enterprises (SME).
“According to the Export Development Board of Sri Lanka SMEs are considered to be the backbone of the economy with a contribution up to 52% of the GDP. SMEs play a crucial role to battle the poverty in the country providing employment opportunities for the youth as the SMEs does not require capital than large firms. Further SMEs increase tax bases much quickly when compared to large firms,” an SLIC news release explained.
“Recognizing the importance and vital contribution made to the economy by SMEs, Sri Lanka Insurance went back to the drawing board to refine the “Business Club” comprehensive insurance solution to cater to the unique requirements of the businesses,” it said.”
“Therefor the insurance solution was developed to reinforce the success and safety of the businesses.”
The insurance plan will provide protection for any businesses be it retail, grocery store, supermarket, pharmacy or any other covering many perils inclusive of environmental dangers such as floods, cyclone, fire, lightning as well as other factors such as breaking and burglary, SLIC explained.
The release further said an array of main covers are available for businesses inclusive of fire and/or lightening, explosion, malicious damage, aircraft damage, earthquakes along with the free covers such as cost of removal of debris, loss of rental, architect, surveyors, consulting engineering fees, cost of alternative accommodation etc..
A range of additional covers are also available at an additional premium for businesses to choose. Money insurance during transit and while at premises, accidental breakage of glass cover, sign board cover, electronic equipment all risk cover are among the many additional covers offered.
Interested parties who’d like SLIC to assist in developing an insurance solution that covers the business risks can contact SLIC call center on 011 2 357 357.
German fruit and tea importers stresses importance of packaging
Jan Paul Bethke, a leading German importer of Sri Lankan fruits and tea, at a recent
EDB-organized event, urged Sri Lankan agri-product exporters to practice effective and superior packaging if they are to be successful in terms of capturing markets in Europe.
“If you package your product well, include a QR code (incorporating extensive details such as the farmer who grew products), and convey a personalized story, customers in advanced markets such as Germany and Europe would develop an affinity with your products”, Bethke noted.
He made these remarks at a Jan. 12 forum forum organized by the Sri Lanka Export Development Board (EDB) on packaging and value addition strategies to enhance Sri Lanka’s agri-product exports to Germany, an EDB news release said.
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