Business
Sarvodaya-Fusion and HSBC collaborate to educate Sri Lankan women on Personal Financial Literacy
In a concerted attempt to empower Sri Lankan women Sarvodaya-Fusion in partnership with HSBC has launched Personal Financial Literacy Education Programme for women starting June 2021.
“In its essence, financial literacy can be defined as the understanding of how money works and this includes generating, investing, spending, and saving money in ways that ensure a person’s financial stability – an essential life-skill that becomes even more significant in challenging times. This knowledge is the basic building block that enables women to become more independent, and lead more fulfilling, secure lives,” said Stuart Rogers, Interim CEO and Head of Wholesale Banking HSBC Sri Lanka and Maldives.
The ongoing crisis in the country, due to the pandemic has affected both working and non-working women. They are currently forced to manage in an extremely challenging environment with wage gaps and gender inequality. Through this programme, non-working women will be educated and made aware of how to manage their household expenses and look for more avenues to earn an extra income apart from the main income received by their spouse. Similarly, working women will learn how to make their way up the financial ladder, with smart investments and savings. Individuals can visit the Sarvodaya-Fusion Facebook Page for more information on registrations.
“We are excited to partner with a leading global financial entity such as HSBC to educate and enable women of Sri Lanka to take stronger control of their finances. We are convinced that these two key segments of the population should have access to not only financial services, but to recognize themselves as economic agents that can make a change in their families and society through their everyday choices,” said Rohan Pandithakorralage, Chairman, Board of Advisors, Sarvodaya-Fusion.
The engaging Zoom based webinars of one and half hours each cover the main aspects of wise spending, managing debts, earning an extra income, saving as a habit, and making smart investments. The sessions are delivered by utilizing appealing elements such as webinar polls, icebreakers, chats, Q & A sessions and online feedback gathering surveys to ensure maximum engagement and interaction.
“We have seen how financial health has significant ramifications in society, particularly during the pandemic. It’s important for us that we provide women across Sri Lanka with access to the right skills, attitude and tools required to manage their finances and make the most of their money. These carefully crafted webinars dispense the practical knowledge needed by women to manage their money with confidence and, grow their economies,” Rogers continued to state.
Sri Lanka’s adult literacy was 92% in 2018, but the country’s financial literacy rate measures at just 35%. Although this is still the highest out of South Asia, the high print literacy rates do not necessarily correlate to financial savviness. Still, the ability to read and write does provide the basis on which one can build, access and use financial services.
Therefore, it is critical to encourage both working women and non-working women to have a stronger grasp of their finances to benefit themselves, their families and society at large, as well as contribute towards reviving the country’s economy, even at an individual level. Additionally, basic financial literacy among households can also lead to healthier family welfare. Consequently, improving financial literacy and financial capability among all community segments irrespective of age, sectors, and gender would lead to higher levels of economic wellbeing of the individual, their family and the country at large.
With this ethos, the Personal Financial Literacy initiative was launched by Sarvodaya-Fusion as a corporate social responsibility (CSR) project under HSBC’s Future Skills charity program. Over the past few years, the programme has targeted low-wage workers, undergraduates and entrepreneurs. The initiative aims to provide different sectors in the community with the necessary awareness on handling their finances, ranging from personal financial management to managing business finance.
Ceylinco Life has been declared the ‘Best Life Insurance Company in Sri Lanka’ in 2024 by World Finance, an accolade that company has won for the 11th consecutive year.
The only life insurance company in Sri Lanka to consistently win this prestigious award, Ceylinco Life is in the company of other 2024 country winners of the calibre of MassMutual (USA), Canada Life (Canada), TAL (Australia), Swiss Life (Switzerland), CNP Assurances (France), China Life Insurance Group (China), Nippon Life Insurance (Japan), Max Life Insurance (India), and National Life Insurance (Bangladesh).
Commenting on its Insurance Awards, World Finance noted that navigating the complex changes across the globe to balance risk and affordability is a key issue for the winners of the World Finance Insurance awards. “This year, we recognise the trailblazers driving the insurance industry forward, showcasing the dedication and creativity that define the profession,” the magazine said.
The World Finance award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better.
Winners are chosen after a stringent assessment of multiple aspects of operational performance including underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – Premium Income, Market share, Life Fund and company profits.
The World Finance Awards judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience are relied upon to provide nominations. The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.
World Finance is a print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy. The magazine targets an audience of finance professionals and corporate and private investors, but its lucid voice makes it intelligible and essential reading for anybody who wants to understand the machinations of finance in the 21st century. Established in 2007, World Finance’s awards programmes are tailored to provide a comprehensive analysis of the very best in each market.
Adjudged Sri Lanka’s Brand of the Year in 2022 and 2023, Ceylinco Life was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA) and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.
Ceylinco Life has been the country’s leading life insurer for 20 of the 37 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
Text and pictures by PRIYAN DE SILVA
Araliya Packing Lanka (Pvt) Limited, a subsidiary of the Araliya Group of Companies, recently commissioned its upgraded laboratory facility at its factory in Polonnaruwa. The state-of-the-art facility marks a significant milestone in the company’s commitment to delivering high-quality, eco-friendly packaging solutions.
Established in 2021, Araliya Packing was initially created to provide affordable and comprehensive packaging solutions for the group’s flagship product, Araliya Rice. Staying true to its vision of “delivering eco-friendly packaging technology developed with a unique Sri Lankan identity to the world,” the company has since expanded its services to cater to other market leaders in the industry.
The newly upgraded laboratory is equipped with the latest testing equipment, ensuring the superior quality of its packaging solutions, which include a range of innovative non-woven bags. This investment underscores Araliya Packing’s dedication to maintaining high standards and meeting the evolving demands of its clients.
The Commercial Bank of Ceylon is joining hands with the United Nations Children’s Fund (UNICEF) and government partners to improve preschool education in Sri Lanka.The Bank will support the improvement of a pre-school in the Moneragala District in the Uva Province, as a contribution to UNICEF’s work to support government partners to improve preschool education. The partnership will contribute to the Province’s efforts to provide safer, more equitable, quality preschool learning environments.
The programme will include updating and refurbishing the entire school and equipping it with quality furniture and teaching-learning items.
Since 2022, UNICEF with funding from its partners has supported the Provincial Offices of Uva and Central to improve the learning environments of 40 preschools in remote areas.
This private-public partnership represents a new model for bringing partners together to strengthen early childhood education and foster the development of young learners by reaching the most marginalized with quality preschool education.
Education is one of the principal focal points of Commercial Bank’s Corporate Social Responsibility (CSR) commitments. Within this, the Bank’s largest contribution is towards digital technology education in Sri Lanka. The Bank has donated 362 IT labs to schools across all 25 districts of Sri Lanka and has also supported a project to set up 176 classrooms that focus on the STEM (Science, Technology, Engineering and Maths) subjects. Additionally, the Bank was a key partner in the national Smart Schools initiative where 165 schools were equipped with digital learning facilities. The Bank’s “Sipnena” online portal contains digitized school curriculum content, complete with practical videos and presentations to facilitate easy learning for students.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives. The Bank’s fully owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its own branch network.
UNICEF promotes the rights and wellbeing of every child, in everything it does. Together with partners, UNICEF works in 190 countries and territories to translate that commitment into practical action, focusing special efforts on reaching the most vulnerable and excluded children, to the benefit of all children, everywhere. For more information about UNICEF Sri Lanka, visit www.unicef.lk.
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