Colombo, July 31, 2025 — Sri Lanka’s Central Bank is working on a new plan to boost the number of daily digital transactions by thirty percent over the coming year. This effort is part of a larger goal to encourage more people to use digital payments and to make financial services more accessible to everyone.
The Central Bank governor explained that moving towards a cash-lite economy will help improve payment systems, reduce costs, and bring more people into the formal financial system.
The plan includes making it easier for people in rural and underserved areas to open accounts using digital identity methods. It also aims to expand digital wallets and encourage local businesses, especially small and medium ones, to accept digital payments. Another focus is improving how different payment platforms work together, making transactions smoother for individuals and businesses alike.
To support these goals, the Central Bank will work closely with financial technology companies and payment providers. They will launch pilot programs, especially in areas where digital payment use is still low. Regular updates will be shared with the government to track progress.
Currently, about five million digital transactions happen each day in Sri Lanka. The Central Bank expects this number to grow to around six and a half million in the next year. Increasing digital payments will help improve record-keeping, tax collection, and overall economic planning.
This initiative is part of Sri Lanka’s broader effort to keep up with other countries in the region that are adopting new financial technologies. Experts say this push is timely, considering the rise in mobile usage and remittances, as well as the need for a more transparent and efficient financial system.
Business leaders and industry experts have welcomed the plan, seeing it as an important step to modernize the country’s payment infrastructure and increase financial access for people from all backgrounds.
The Central Bank will review the progress regularly and adjust the plan as needed, based on feedback from users and partners.
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