Business
Volume of Sri Lanka’s retail digital transactions to potentially reach Rs 77.2 trillion
Sri Lanka’s total volume of digital retail payments can potentially reach up to Rs 77.2 trillion by 2027, 128% more than the 2022 level, analysis from Robocash Sri Lanka has revealed.
The company’s optimistic forecast is based on the assumption that all major macroeconomic indicators in the next five years reach their equilibrium level or have stable positive dynamics over 12 quarters, starting in 2024.
In the worst long-term scenario, the company expects the total volume of digital retail payments in Sri Lanka to reach Rs 43.94 trillion by 2027, 30% more than the 2022 level.
Sri Lanka is widely recognized for its high rate of citizens with active bank accounts, and it is currently in the midst of an impressive fintech expansion, demonstrating remarkable resilience even in the face of economic challenges. As of 2022, approximately 90% of the population holds active bank accounts, and there are a notable 18.7 million debit cards in circulation. This has contributed to an outstanding 85% debit card usage rate, significantly surpassing the global average of 51%.
However, the utilization of credit cards in Sri Lanka currently stands at 10%, which is slightly below the global average of 22%. Nevertheless, this trend paints an optimistic and promising picture for Sri Lanka’s fintech market, underscoring its potential to thrive even in challenging economic conditions.
As of early 2023, Sri Lanka has seen substantial progress in embracing digitalization, with 14.6 million internet users and 7.2 million active social media users. The country’s digital literacy rate, on par with developed European Union (EU) countries at 57%, reflects the strong digital skills among its adult population. Notably, the e-commerce sector is thriving, boasting 5.5 million users and a market value of Rs 777.6 billion (USD 2.4 billion) in 2023, primarily driven by the electronics segment. The e-commerce market is projected to maintain an impressive compound annual growth rate (CAGR) of 15.29% from 2023 to 2027, reaching a market volume of Rs 1,387.52 billion (USD 4.28 billion)1 by 2027.
In an era marked by the COVID-19 pandemic, digital payments in Sri Lanka have experienced remarkable growth. Transactions have surged from Rs 5.6 trillion in Q1 2021 to RS 9.4 trillion in Q1 2023, representing a growth rate of 68% over 2 years. The value of transactions via the Lanka QR digital payment gateway amounted to Rs 681 million in Q3 2023, showing a growth of 84% year-on-year.
Both the Sri Lankan government and the private sector have made substantial efforts to promote digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
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