Financial inclusion is not merely about giving people access to financial services. It ensures that every citizen or small business, regardless of where they are located or what they earn, can play a meaningful role in a country’s economy. With the rapid advancement of technology, it has been possible to bring traditionally marginalized populations into the formal economy. This objective has become increasingly achievable through the pivotal role played by a country’s national payment network with the use of modern technology.
As the national payment network of Sri Lanka, LankaPay was established two decades ago with a clear purpose: to create a secure, reliable, interoperable and affordable payment ecosystem that connects every financial institution, business and citizen, which provides seamless access to financial services. Over the years, LankaPay has witnessed how digital payment systems help transform lives by removing the traditional barriers that hinder access to financial services.
For many Sri Lankans, particularly those in rural and underserved communities, access to banking has historically been severely inconvenient and a costly affair. Visiting a bank branch on a weekday within limited operating hours often resulted in wasting time, unnecessary travel and incurring additional costs. Small businesses and low-income communities remained outside the formal financial ecosystem due to the hassle and the extra costs of going to a bank while digital financial services were restricted to main cities and most often unaffordable. This is where the national payment networks played a critical role by providing …
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