Its local banks have invested heavily in technology, but many customers still prefer the old-fashioned ways: paper ledgers and physical tellers. And while the country’s fintech industry is filled with promise, it remains stuck in first gear.
Will Mobile Money Significantly Change the Sri Lankan Economy?
Mobile Money is a fintech service that uses access to a smart phone to conduct financial transactions. Mobile money has been rapidly advancing globally since 2012 averaging US$ 1Bn worth of transactions a day. A low rate of adoption can be seen in Sri Lanka when it comes to Mobile Money. However, Sri Lanka is in line with the regional levels.