COLOMBO, July 31, 2025 —
The Central Bank of Sri Lanka has announced an ambitious target to boost the volume of daily digital payments by 30 percent in the coming year, reflecting the country’s ongoing push towards a cashless economy.
Driving Financial Inclusion and Efficiency
In a statement released on Wednesday, Central Bank officials emphasized the importance of digital transactions as a means to enhance financial inclusion, improve payment efficiency, and reduce reliance on cash.
“With increasing digital literacy and expanding internet access, Sri Lanka is well-positioned to accelerate the adoption of electronic payments,” the statement read. “Our goal is to create a seamless, secure, and accessible digital payment ecosystem for all citizens.”
Initiatives and Collaborations
The Central Bank plans to work closely with financial institutions, payment service providers, and regulatory bodies to support innovative digital payment solutions. These efforts include improving infrastructure, enhancing user experience, and promoting awareness campaigns aimed at encouraging more businesses and consumers to embrace digital payments.
Impact on the Economy
Experts note that increasing digital payments can reduce transaction costs, curb black market activities, and provide better data for economic planning. The move is also expected to support small and medium enterprises by facilitating easier access to financial services.
As Sri Lanka advances toward its vision of a digital economy, the Central Bank’s target signals a strong commitment to leveraging technology for sustainable economic growth.
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