Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.
The unprecedented crisis triggered by the coronavirus pandemic has severely dented Sri Lanka’s economy, causing a steep fall in the earnings from tourism, remittances and outflow of foreign investment, the nation’s central bank has said.
Sri Lanka: IFC Supports Commercial Bank of Ceylon to Expand Access to Finance for Women and Women-Owned Small Businesses
IFC will support developing more specially-designed products and services for women, as part of a move to help boost access to finance for women.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.
IFC’s $50 Million In Support to Commercial Bank of Ceylon to Boost Finance for Small Businesses in Sri Lanka Amid COVID-19
The funding will be used to expand lending to small and medium-sized enterprises, with over a third dedicated to businesses owned by women.