Paper
Financial Inclusion, Regulation, and Education in Sri Lanka
Discussing different approaches to improve financial inclusion in Sri Lanka
25 pages
This paper analyzes the level of financial inclusion in Sri Lanka and the role of financial regulation and education in achieving the same. It notes that Sri Lanka has achieved a high level of financial inclusion compared to other South Asian countries. The financial sector in the country provides a wide range of services such as loans, savings, pawning, leasing and finance, and remittance and money transfer facilities. However, the use of insurance services, ATM facilities, e-payments, and mobile banking is relatively low. The paper suggests that along with increasing financial education, strengthening the regulatory framework governing the microfinance sector and client protection is crucial for improving financial inclusion in Sri Lanka. It covers the following sections in detail:
- Discussion on the concepts of financial inclusion, regulation, and education;
- Overview of financial inclusion in South Asia and its outreach in Sri Lanka;
- Financial landscape of Sri Lanka with a focus on financial service providers in the country;
- Evaluation of access to financial institutions in the country;
- Recent measures to improve financial inclusion and gaps in the system;
- Financial regulation in both the formal sector and the semi-formal sector;
- Financial education scenario in Sri Lanka.
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