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Remittances, Microfinance and Technology
Harnessing the development impact of migrant remittances through improved technology
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This paper discusses migrant remittances in the Sri Lankan context, specifically in relation to Hatton National Bank’s (HNB) microfinance program and the use of technology.
The paper provides a brief overview of Sri Lanka’s socio-economic status, microfinance history and HNB’s involvement in microfinance. It states that:
- Current outreach in microfinance is expanding as a result of migrant remittances, improved technologies and cheaper services;
- HNB has introduced an innovative remittance e-product, "Money2Home";
- Gami Pubuduwa (GP), HNB’s microfinance scheme plans to develop a program that will give new orientation to migrant remittances;
- GP will encourage participation in self-employment activities by identifying strengths, weaknesses and resources and offering appropriate banking products;
- GP’s success can be attributed to the nature of its operations and an understanding of customer requirements.
Migrant remittances in Sri Lanka are substantial and will continue to grow in the future. The development impact of these flows needs to be harnessed with an efficient and effective remittance infrastructure.
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