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Sri Lankans financial literacy to be enhanced using govt. office networks

May 25, Colombo (LNW): The current network systems of government offices are to be used to create and deliver financial-related content to targeted audiences, which are the youth and women  ..

Central Bank of Sri Lanka (CBSL) states that in order to implement the actions under its ‘Financial Literacy Roadmap’ for the country, it plans to use 

The regulator said that before implementing the programme, the current network will be analysed and modified to be effective in delivering financial literacy.

The Central Bank is to take a national level financial literacy initiative as the most appropriate tool to reach higher financial inclusion through the improvement pf financial literacy among Sri Lankans.

At the launch of the Financial Literacy Roadmap 2024-2028 in Colombo on Tuesday 21, it has been transpired that there was a significant gap between satisfactory financial knowledge and lacking financial behavior among Sri Lankans

The CBSL recently launched its publication, “Financial Literacy Roadmap of Sri Lanka 2024–2028,”. The roadmap has been developed as part of the “Financial Literacy and Capacity Building” pillar of the National Financial Inclusion Strategy.

In its initiative to increase financial literacy under the National Financial Inclusion Strategy, the Central Bank said it expects to create synergies among stakeholders and exciting Financial Literacy Service providers, allowing them to work together and maximise the impact while ensuring effective resource allocation.

Under the four-pillar action plan of the Central Bank, the regulator said under the first step will mostly consist of actions designed under the effective coordination and ‘Harmonised Content Strategic Priority’.

Also, the CBSL said that the existing financial literacy stakeholders, such as regional offices of the CBSL, the community health network of the MoH, short message services used by RFSPs (Regulated Financial Service Providers), and educational institutes, have well-established networks used for day-to-day operations that can be used in delivering financial literacy content to targeted audiences.

The CBSL will bring in modifications to the existing networks before implementing the interventions in order to use them as financial literacy delivery channels under the roadmap.

The regulator further said that a framework is already in place to ensure the success of the roadmap, however, in order to make this national effort a success, high-level support from all national-level stakeholders is required

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