The Bank of Ceylon (BOC) and Sri Lanka Post have joined forces in a landmark partnership aimed at improving access to banking services across Sri Lanka. This initiative leverages BOC’s banking expertise and Sri Lanka Post’s vast network, beginning with 100 post and sub-post offices, to provide financial services to underserved communities nationwide.
The partnership was officially launched in Colombo, with key dignitaries in attendance, including Central Bank Governor Dr. Nandalal Weerasinghe, BOC Chairman Kavinda de Zoysa, Postmaster General Ruwan Sathkumara, and other senior officials. A Memorandum of Understanding (MOU) was signed, signifying the shared commitment of these long-established institutions to address financial inclusion challenges.
At the heart of this initiative is BOC Connect, an agent banking model introduced in 2021. Now integrated with Sri Lanka Post’s trusted network, it allows communities to conduct everyday banking—such as deposits, withdrawals, bill payments, and fund transfers—closer to home. This reduces travel time and costs for rural residents while offering an environmentally friendly approach to banking.
BOC Chairman Kavinda de Zoysa emphasized the collaboration’s transformative potential: “This partnership brings together two of Sri Lanka’s most trusted institutions to create accessible, convenient, and reliable banking solutions for rural communities.”
Security and convenience are central to the service. Transactions are verified using one-time passwords (OTPs) sent to customers’ mobile phones, coupled with National Identity Card (NIC) checks. This dual-authentication system ensures a seamless and secure banking experience, particularly benefiting groups like the elderly, differently-abled individuals, and small business owners.
BOC General Manager/CEO Russel Fonseka highlighted the operational benefits: “By linking urban and rural financial systems, this model empowers small businesses and facilitates remittances, making financial inclusion a reality for all Sri Lankans.”
Families reliant on foreign remittances will also benefit, as the service offers a convenient way to access funds without long commutes. Additionally, availability on Saturdays adds flexibility for busy customers.
Postmaster General Ruwan Sathkumara expressed optimism about the partnership: “By collaborating with Sri Lanka’s largest state bank, we aim to provide secure, technology-driven financial services that benefit all Sri Lankans.”
Equipped with advanced Point-of-Sale (POS) systems and trained staff, Sri Lanka Post is well-positioned to deliver accurate and efficient banking services. The initial rollout of 100 locations is just the beginning, with plans for a nationwide expansion to ensure equitable access to financial services.
This partnership marks a significant step toward bridging urban-rural financial gaps and solidifying Sri Lanka Post’s role as a community-focused institution.
