By: Staff Writer
Colombo (LNW): In a bid to facilitate foreign inward remittance services across ,Sri Lankan Nations Trust Bank partnered with Singer (Sri Lanka) PLC to Launch the countryside initiative to enhance the accessibility and convenience of Lankan migrant workers.
Between the two entities a location network of more than 500 outlets countrywide have been made available to customers to collect their remittance payments.
The partnership offers a significant value addition for Sri Lankans living and working abroad, who can now send money to their loved ones back home with more ease.
The expanded network of payout locations also benefits customers residing outside the main cities, who no longer will need to travel long distances to collect their remittance payments.
Sri Lanka saw a significant increase in remittances so far this year with over US$560 million sent back by migrant workers in March, Minister of Labour and Foreign Employment Manusha Nanayakkara said.
Announcing the monthly remittances received, the Minister said it marked a 78.5 per cent increase from the inflows recorded in March 2022
Sri Lankan migrant workers’ foreign remittances amounted to a total of $844.9 million in the first two months of 2023 recording a total foreign remittance of $ 1404.9 million in1Q 2023.
Singer’s extensive branch network enables customers to receive up to Rs. 200,000 per remittance transaction.
The partnership also enables Nation Trust Bank to serve potential customers through the Bank’s foreign inward remittance partners worldwide, including Ria, Transfast, Small World, iThamor, Al Zaman Exchange, Worldcom Finance, NEC, Brastel, Unigiros, Speed Remit, Srour, Buckzy, EzCash, City Exchange and Musharbash Exchange.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through an islandwide network of 96 branches.
The bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience.
Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.