Archives

Organisational reforms begin with you!

by Dr. K. Kuhathasan

CEO, Centre for Leadership Excellence and Personality Development

Today, several organisations are undertaking reforms as part of an ongoing exercise to re-structure the activities.

Whether you perceive reforms as a threat or an opportunity whether it excites or depresses you, it's all in the mind. Successful implementation of reforms depends on:

1. Your attitudes.
2. Your enthusiasm.
3. Your willingness to allow people's reactions to influence the reforms as it goes along.
4. The way you role-model the kinds of new behaviour you are seeking.
5. Your willingness to reform yourself.

Believe you can make a difference

Management is not about preserving the status quo, but about creation of the highest rate of reforms which the organisation and its people can sustain. It is, therefore, necessary for you to develop:

1. The courage to re-structure what has to be re-structured.
2. The tolerance to accept what can't be re-structural.
3. The wisdom to know the difference.

Effective leaders are characterised by the basic self-assurance that they can influence their own destiny and those of other people, events and organisational achievements.

This contrasts with the kind of passiveness and helplessness which is frequently found amongst the ranks of disillusioned middle managers who have reached a plateau, feel they have few options open to them and have basically given up.

The paradox of personal change

1. The person over whom you have the most control is yourself.
2. The hardest person to reform is yourself!

In any business organisation the behaviour of the manager who initiates reforms will be closely watched to see if it is consistent with what he or she is saying.

It's not what you say, it's what you DO, from which your people will read the true message. If there is a mismatch between the two, they will draw their own conclusions about your commitment to reforms. You are the ultimate role model.

In the process of introducing reforms, your actions speak louder than words.

Managing personal transition

Before you try to transform other people, it may be salutary to remember how difficult it can be to achieve personal reforms.

Most people, when initially asked for their views, will say that they like reforms, because this is what they think they are expected to say. Frequently, further discussion reveals that this simply is not true. As managers get in touch with their own pain in experience reforms they usually adjust their original statement.

If managers genuinely don't like reforms, then it is understandable but worrying. If they do like reforms it is almost more worrying, as the manager may assume that everyone likes reforms just as much as he or she does and may therefore fail to put in place support mechanisms to manage the transition process.

Generally, managers of maturity, who have suffered some setbacks in life are most able to understand the process of reforms and the pain it can cause and can therefore be more sensitive in the way they handle those around them. To manage people effectively through reforms necessitates knowing the individual, not just as an economically viable unit of production, but as a whole person. Knowing others starts from 'know yourself'.

Reforms rarely happens smoothly and easily. There are always reasons for some people to hang on to the 'old way' and even those who accept the need for change create blockages through a lack of knowledge or skill in how to got about it.

1. Ignorance: Due to a lack of information or understanding.
2. Disagreement: Because alternative solutions are preferred or there are feelings that the plan will not work.
3. Personal cost: The effects on individuals are unwanted.
4. Anxiety: there is uncertainly as to how to do what is required or how to handle the situation.
5. Loss of authority: Individuals will lose power or control.
6. Mistrust: There is suspicion over motives or real objectives.
7. Alienation: Individuals do not share the proposed vision/values or feel socially isolated.
8. Reward (or lack of it) What's in it for me has not been addressed Resistance

Equally important is the degree of resistance to reforms. If everyone wants reforms, the implementation methods may be very different from those chosen when resistance is high. The style of strategies suggested for handling the various reforms vary from participative to dictatorial, and suggestions are made below for appropriate approaches for each situation. The problem with general advice is that situations are always specific, and certain situational factors should be considered which may modify the approach. The following questions should also be considered.

1. What are the skills and abilities of those affected by reforms? Participation may have to be reduced if the people involved lack the ability to contribute, and cannot be brought upto speed quickly. Where lack of ability limits the effectiveness of participation, it may be necessary to substitute extensive and regular communication for total involvement.

2. Are people motivated to participate? The method chosen will also be affected by the Willingness of those affected to play a part. Even where resistance to reforms are low, those affected may not wish to play an active part in determining how to implement the reforms. When the reforms are fundamental, such as removing layers of management, motivation may be different at different stage of implementation.

3. Does the suggested approach fit the organisation's culture? It may not be impossible to use an approach which goes counter to the normal culture of the organisation, but it may sometimes be more effective to modify the approach to achieve a better fit. Extensive participation may be viewed with suspicion in an organisation with a boss-powered, fear culture. Equally, a totally dictatorial approach may demotivate if the organisation is normally participative. It should be remembered that fundamental change often includes a need to change culture, and if so the way in which change is implemented should give consideration to both old and new values.

Implementing

The implementing step is about the detailed plans and schedules that have to be completed to turn any vision into reality. The instruments themselves will vary, depending on the nature of the length of time available to achieve it, but the basic reason is constant. It is to:

1. Ensure that all the consequences of the reforms are understood, in so far as they can be foreseen.
2. Identify all the action that have to be taken to bring about the reforms.
3. Allocate responsibility for the various actions that have to be taken.
4. Establish the priorities of the various actions, in particular those that will hold up the whole process if not done in time.
5. Provide the budgets needed to ensure implementation of the plans.
6. Set up the teams and structures needed to implement plans.
7. Allocate the right human resources to the tasks (if necessary recruiting additional people or using consultants).
8. Setting goals for the reforms programme.
9. Determining any policies that are needed to make the implementation process work.

Economic diplomacy - what does it mean?

by Chandra Jayaratne

What is Economic Diplomacy? It can be defined as 'exploitation of trade and investment opportunities globally through the use of diplomatic channels'. Looking at what goes around us at a global level, a country's diplomatic community has a significant role in the economic development of that country. This is of particular importance to less developed countries like ours.

Traditionally, a diplomat representing his country in another country has mainly been interested in political affairs. But for diplomats representing a country like Sri Lanka, it is more important for them to be interested and involved in economic diplomacy. Unlike big powers, it's not much that they can do in the political field. Possibly it is only the LTTE issue that is of political importance from the point of view of diplomats representing Sri Lanka.

Basically economic diplomacy is concerned with three issues. One is trade facilitation. It is a two way process whereby a Sri Lankan diplomat can look for avenues to improve bilateral trade relations. This function, to some extent, is being performed by Commercial Attaches of Sri Lanka's missions abroad. The question is how effective are they? The Commercial Attaches have been appointed to deal with matters relating to trade and commerce. Being appointees of the Ministry of Trade, these officers report to the Trade Ministry and not the Foreign Ministry, under which the diplomatic corps functions. Because of this situation, there is not much co-ordination between them and the country is not able to get the best. Hardly any Diplomats or Commercial Attaches work closely with the Private Sector, Chamber of Commerce and Exporters and Importers.

Since not much has been achieved through the present system, it has to be reorganized it we are to get these officers to play an effective role in trade promotional activities in partnership with the Private Sector. The implementation of a suitable incentive scheme will help to enthuse them in playing a more dynamic and a more effective role. At the same time they should also be provided with sufficient resources to do an effective job. Since the private sector is going to benefit from activities, which promote the country's trade and commerce, it should be a partner in providing such incentives and resources.

The importance paid by most foreign missions in Sri Lanka to economic diplomacy can be seen by the presence of the heads of missions or their deputies at seminars and presentations relating to trade and commerce organised by the Chamber of Commerce and other institutions. They are actively involved in studying what opportunities there are for their countries to get involved with Sri Lanka in the trade, investments and economic activities. They work closely with the business community. Once they realize there are opportunities, they will promote their investors to look at Sri Lanka if they think of fresh investments or shifting from investments or trade from another country.

Apart from trade, the diplomatic community can also play a lead role in the sphere of investor facilitation. Sri Lanka needs massive investment to go forward. Sri Lanka provides attractive incentives for foreign investors who are willing to come and invest here. Yet the level of investment in recent years has been far from being satisfactory. The diplomats representing Sri Lanka abroad should do a good selling job in promoting investors to come here.

In this context, the role played by the former High Commissioner for Bangladesh in Sri Lanka, Mr. Masum Almed Chowdhury during his tenure of office is worth discussing. He was a war veteran and in spite of being physically handicapped, he did a lot for his country in the sphere of economic diplomacy. There was no Commercial Attache in the Bangladesh High Commission here. The High Commissioner himself performed the task of a Commercial Attache and did it very well.

It was with prides that he spoke of how during the short period he served here, he got at least thirty Sri Lankan entrepreneurs to invest in Bangladesh, a country relatively unknown as a source for investment. Obviously he did a superb selling job in a persuading such a large number of local entrepreneurs who may have not even thought about Bangladesh as a country worth considering for investment.

Mr. Chowdhurry also saw to it that his promotional activities were beneficial to Sri Lanka too. A case in point is how he promoted the domestic airline, Airlanka to start flights between Dacca, the Bangladesh capital, and Colombo. He backed his request with a feasibility report he had himself prepared.

The idea came to him when he realised that Bangladesh going for employment to the Middle East had to first fly to either Singapore or Bangkok to catch their flights. It was particularly troublesome for the females to first travel all the way to these destinations to get flights to the Middle East. Coming to Colombo was different. They could come to Colombo and hop a flight to the Middle East without a hassle. It was an ideal opportunity for Airlanka to improve their business. There was thus value addition for both countries. The High Commissioner had done a good deed for his country at the same time promoting business for Sri Lanka. Both countries benefited.

Mr. Chowdhurry confessed that his constant focus was based on the principle of 75% economic relations and 25% political and other matters. In fact, he was following his Prime Minister's international relations policy, which was based on "what adds most economic value to the nation".

In the recently concluded Indo-Sri Lanka Free Trade Agrement, there is lot of potential for our diplomatic community to sell it to other countries. India is a huge market for any product or service. Investors can be promoted to invest in Sri Lanka with the Indian market in mind. There will be many advantages in such an arrangement.

(Adapted by D. C. Ranatunge from a presentation made at the seminar on Economic Diplomacy organised by the Bandaranike International Diplomatic Training Institute.) 

Good governance for co-operatives

by Wickrama Waragoda

"Governance is the process by which we collectively solve our problems and meet our society's needs. Government is the instrument we use".

According to that quotation presented by David Osborne & Ted Gaebler in Reinventing Government, Penguine 1993, good governance means collective effect to solve their problems to meet community needs, through the government, which is using as an instrument. Particularly in a democratic society, the platform for governance is set by the interaction between government, the private sector and civil society. It is a partnership.

Good governance is the level of efficiency and effectiveness of the interaction among these partners in achieving common goals. These goals and the ways in which interaction takes place are determined by number of economic, social, cultural and political factors including institution. The following six principles are essential to good governance which should have been applied in according to achieve the common goals.

* Equity
* Efficiency
* Transparency
* Accountability
* Predictability
* Participation

In this context the good governance over the cooperative means determination direction and controlling of all activities relating to the cooperatives using the above principles. What is a cooperative? It is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

According to that explanation a cooperative means as it is an autonomous institution or an organisation, which is voluntarily united with persons involvement, and democratically controlled enterprises. It should be noted that the members of the cooperative have come together to meet their common economic social and cultural needs and aspirations. They intend to do so through an enterprise that is jointly owned by the members who expect to govern the cooperative according to the democratic principles.

According to the Angkas president in Royal professor Ungku A. Aziz state that "The terms of good governance the cooperate world connotes the making of profits and the creation of values in accordance with a code of ethics that emphasize openness, integrity and accountability".

Concerns

The cooperative approach to doing business we must concern the principle of democratic control and the main aim of the enterprise, which could be profit and value creation or being service driven with reasonable returns. When we want to control democratically it requires our active participation in the management of the business.

When we discuss the cooperative governance we must concern about the basic comprises of the cooperatives. What are the objectives of the cooperatives? Do the cooperatives identify their aims, objectives and targets? According to that we can identify two main objectives as economic objectives and social objectives.

If we want to control the cooperatives through the good governance firstly we must consider about the people subjected to governance. Cooperatives for whom? We have to consider about the nature of the target group. There number of membership, minimum, maximum and optimum number of members. Nevertheless we must consider about the eligibility for membership as well as rights and responsibilities of the membership. In most developing countries cooperatives were introduced in to the country by the government, to achieve objectives identified by the government. There were government fundamentally dominated where a Registrar and Commissioner and his department backed by a controlling and regulating cooperative laws and decided on what cooperative should do and how they should do?

In this context whether are any basic elements or cooperative concepts can be identify the prevailing cooperatives of the island. Practically we can say no, because the persons are not involved voluntarily in the cooperative sector.

Secondly we have to consider the territorial unit of the cooperatives need for having a territorial unit, distinction between primary and high level cooperatives, and size of the territorial unit. The following criteria should be determined by the members of the cooperatives such as, economic viabilities, accessibility, operational convenience practice of direct or indirect democracy who should do this whether government or the members of the cooperatives. Thirdly, should be considered scope and limitations of power and authority of the cooperatives. There should be limitations imposed by the state as well as cooperatives itself. Nevertheless, it should be very essential to consider what a cooperative can do and cannot do. According to the management concept "Doing things right and do the right things" is very important to the cooperative sector the good governance.

Limitations

It is very necessary to consider by the cooperatives possibilities and limitations imposed by the prevailing social and economic conditions whether they can face with the system of open economy. How should they change their traditional activities to face the open economy to enhance the productivity through an efficient business pattern?

Fourthly, division and delegation of power and authority should be considered. Identification and demarcation of power and functions of a cooperative must be made as against those of the state and other public and private bodies. What should be delegated and to whom should be delegated and decentralized? By whom, whether it is government or cooperatives by itself? Whence we delegate power and function there should be a proper mechanism and procedure for securing control and accountability of the cooperatives. According to the Royal processor Ungkn A. Aziz's statement "When we achieve good governance over cooperatives, we, co-operators need to be extra vigilant against those who would bend the rules or exercise undue influence, practice outright fraud and generally avoid our ethical values". Efficient management, consumer satisfaction and employee contentment must be common aims for cooperatives that need to be respected if co-operators are to attain the state of good governance. cooperatives are based on the values of self-help-self responsibilities democracy, equality and solidarity. In this context a fundamental principle of cooperatives is the active involvement of members in the affairs of the cooperatives. According to that all-important decisions should be discussed with the participation of all members at the general meeting. The board of directors, which is answerable to the general membership is responsible for making policy.

Boards, like their cooperatives, should stand on their own feet and make up their own minds.

Directors who are elected should direct and not be directed. When members, directors, managers, outsiders consider as well as politicians know their respective places Decisions will be neat, and clear, implementation will be neat, and everyone will be conscious of their responsibilities.

That should be the proper way of good governance for the cooperatives.

The writer is Assistant secretary Ministry of Fisheries and Cooperatives North Western Province. 

Shell Helix promotion - Ferrari Formula1 excitement

Shell Company of Sri Lanka, retailers of the world champion Shell Helix Motor Oils, and their distributor Diesel and Motor Engineering Company Limited, launched a unique promotion aimed at capturing the excitement of Formula 1 racing recently.

The Shell Helix Lego Promotion will give consumers the opportunity to be part of the Ferrari Formula 1 Excitement by entitling any customer purchasing a 4 Litre Shell Helix Can, a scratch card where the main prize will be a Lego Ferrari car. Every purchase of a Shell Helix Can will entitle customers to a scratch card where other exciting prizes can be won. In addition to the Lego Ferrari car, other Lego systems and Shell Helix gift packs are being offered as prizes. This unique promotion has been carried out in several countries where Shell Helix is available and has proved to be extremely successful. The Shell Helix Lego Promotion will last a period of two months.

Shell Helix range of lubricants namely Shell Helix Ultra (fully synthetic), Shell Helix Plus (semi-synthetic), Shell Helix Super & Shell Motor oils (mineral oil base) are available islandwide through Shell lubricants dealers and the distributor Diesel and Motor Engineering Company Limited.

Shell Helix the global family of passenger car engine oil products have been designed and developed to provide the ultimate protection for your car, whatever the conditions. Shell Helix not only provides reassurance under everyday driving conditions, but is also designed and tested to give enhanced performance even under the most extreme conditions. Shell Helix products are evolved in Shell's ultimate testing laboratory, the Ferrari Formula 1 racing car, putting future Shell Helix technology to the test under some of the most arduous conditions an engine oil can ever experience.

The Shell Ferrari combination has won the Formula 1 driver and constructor championship twice in succession.

Premier Pacific - Lanka's first super luxury condominium

Sri Lanka's first super luxury condominium with a state-of-the-art roof top garden which caters to top notch professionals and the top echelon of the high income earning group has seen a steady market according to company sources.

The Premier Pacific Condominium built and operated by the Premier Pacific International Group was built at a cost of Rs. 350 million under BOI concessions has sold almost 70 per cent of the condominiums in this niche market under the super luxury category.

The company's Technical Director Prasanna de Zoysa said the company was able to sell 28 apartments of the 40 apartments in the condominium.

The 'Premier Pacific' has 10 exquisite apartments designed by Architects Tanya and Suren Wickremasinghe.

The condominium provides elegantly designed and well laid out households with luxury fittings which have been imported from abroad.

The Premier Pacific 2001 apartment complex in the heart of Colombo opposite the public library on Sir Marcus Fernando Mawatha is funded through foreign direct investments. The main attraction for residents in this apartment is its roof-top garden and club house which spans the entirety of the 8th floor in the top most floor.

The club house provides catering and entertainment for residents to hosts of friends or relatives for parties or functions.

The roof-top garden helps in insulating the concrete slab which prevents the building from cracking.

Mr. De Zoysa said the company also maintains a strict screening process for those who wish to buy apartments in the Premier Pacific to ensure the residents are of some standing since the condominium caters to top professionals and business magnates in the country. The safety and security of all residents has been guaranteed through 24 hour security while a fire protection system provides a safe stairway which has been insulated from fire.

The building has also been awarded the certificate for construction excellence by the ICTAD and the National Construction Contractors' Association of Sri Lanka jointly awarding this certificate for its excellence.

The piling and superstructure could withstand earth tremors while the exterior paint coating is guaranteed to last 10 years and designed to protect the building from expansion and contraction due to varying temperature conditions that occur suddenly, de Zoysa said.

The apartments are equipped with modern fittings and accessories with a cassette type air conditioning system which can be controlled by the residents.

The pantry units with lighting, hob and oven, refrigerator, MATV and cable TV system and CCTV are provided without an additional charge. The complex is supported by a standby generator, dual elevator, transformer and electricity generator.

Mr. de Zoysa said the company holds a key role in the management of services in the complex. Therefor the company provides for a fulltime engineer and support staff to attend to the needs of residents which includes a host of services such as house help and transport services, catering and other services. Therefore, the residents have an assurance that they will not be abandoned once the apartments are sold, de Zoysa said.

The company hopes to launch its second project with a semi-luxury apartment complex in Bambalapitiya next year. (PM)

The importance of keeping "Marketing Strategies" under constant review

by Prasanna Perera

How do organisations develop marketing strategies? There are several methods adopted. In certain instances, past marketing strategies are continued into the future. In other instances new marketing strategies are formulated, based on objectives to be attained and consumer needs to be satisfied. Whatever methods are adopted, it is vital to review the effectiveness of marketing strategies, on a regular basis. In other words, organisations need to keep their marketing strategies under constant review.

Why is it important to review marketing strategies, in terms of their effectiveness? If we dwell on some of the companies identified as excellent, in the book "In search of excellence," you will find that some of these companies are no longer excellent. What has gone wrong in these companies? Basically, their marketing strategies are flawed. This phenomenon is referred to as "Strategic wear out." These companies believe that their winning strategies, will be everlasting successes. This complacent belief, led to organisational ineffectiveness. There are no magical and everlasting, marketing strategies, that can stand the test of time. Winning strategies wear out and therefore, need to be kept under review and sharpened or replaced by newer strategies.

If marketing strategies are not reviewed, the following problems will be encountered by organisations:

(a) Valuable resources will be wasted on developing and implementing ineffective strategies.
(b) Sales revenue and profitability gains will not be achieved.
(c) Vulnerability, to winning competitor strategies, will be greater.
(d) Customer satisfaction and loyalty levels will begin to decrease.
(e) The motivation levels of marketing staff, will be effected negatively.
(f) Persistent drops in market share can be expected.

The above mentioned problems are only a few of the major ones. There are others too numerous to mention.

What contributes to the ineffectiveness of marketing strategies (Strategic wear out)?

There are a host of reasons both strategic and tactical in nature. Let us briefly examine some of them.

Competitors and competitor actions are a major contributor towards strategic wear out. The entry of a large, powerful competitor, can put your marketing strategies under threat. Further, sustained competitor actions, can also result in your strategies, being blunted. Therefore, competitor strategies have to be forecasted and dealt with, in an effective manner. Another reason that contributes to marketing strategy ineffectiveness, is customer actions. Customer needs are changing in today's marketplace, at an alarming rate. Therefore, marketing strategies developed to meet identified customer needs, have to be constantly reviewed against changing customer expectations. This is very important.

Technology and related developments, also contribute towards marketing strategy wear out. Consider the fate of photocopy machine manufacturing companies. Their marketing strategies were flawed by advanced technological developments, such as fax machines and later electronic mail. The pace of technological advancement is electrifying and organisations of the future would do well to guard their marketing strategies, against this significant, uncontrollable environment threat.

Moving over to internal reasons that contribute towards ineffectiveness of marketing strategies, there are many that easily come into mind. The most important reason probably being a tired and complacement managerial style, that relies on living in the past. Internal cultural barriers, are also contributory factors towards strategic wear out. An organisational culture that does not encourage creativity, innovation and entrepreneurship is a fertile ground for ineffective strategies to be formulated.

The lack of a strategic planning culture also contributes towards ineffective strategies. This is because only short term marketing strategies are developed and no long term strategy formulation takes place. Short-termism is a surefire way to the development of inappropriate marketing strategies. We also have to consider the levels of experience and maturity of those held responsible for developing strategies. Often strategies are ineffective, because of the poor quality thinking of the persons who developed and implemented them.

How can strategic wear out be identified and avoided?

We have so far outlined the problems and reasons, relating to strategic wear out. It is quite clear that the damage to organisational performance, can be significant, if ineffective marketing strategies are persued. Therefore, it is logical to identify how strategic wear out can be avoided.

Firstly, proactive management is essential rather than reactive. Proactivity ensures that future trends are anticipated and planned for accordingly. Therefore, the changes of persuing ineffective strategies are minimised.

Secondly, an organisational culture that does not accept the "status quo" should be nurtured. Employees should be encouraged to challenge conventional wisdom and thereby demonstrate creativity and intuition in strategy formulation. Hopefully, such marketing strategies will remain appropriate to the dictates of the market.

Thirdly, experienced and talented people should be given the responsibility for crafting winning strategies. It is important that such persons have conviction of their abilities, not only to develop strategy, but also to effectively implement same.

Further, strategic wear out can be avoided by linking up strategy formulation with strong incentive and reward structures. This will ensure that the persons tasked to formulate strategies, will demonstrate the commitment required. Basically, they will be rewarded on the realise impact of the actioned strategies, marketing or otherwise.

Surprisingly, managers fail to realise that outdated information systems can clearly contribute to the development of ineffective strategies. As such, a well formulated management information system, based on user needs, will hopefully improve the quality levels of strategies developed and implemented.

Many organisations, do not understand the importance of internally challenging, their marketing strategies. The thinking behind this is simple. It is better for you to challenge your strategies, rather than permit competitors to do so! By internally challenging the validity of marketing strategies, strategic wear out can be avoided.

This brief article highlights something which is so obvious, but neglected by many corporates. Winning marketing strategies, are the cornerstone of organisational effectiveness and performance. The message is quite clear. Corporates have to ensure that their marketing strategies are kept under constant review. There should be no room for complacency and lethargy. Do not leave room for strategic wear out, since it will be effectively ruin your organisation and your future as well.

"There are no everlasting strategies. Only logical and appropriate ones." "Marketing strategies need sharpening and with time will require replacement by something better."

X Press Money: Another highly technological service from Sampath Bank

Sampath Bank launched the X-Press Money, a valuable service offered to transfer money instantly to any part of the world.

To provide this new service, Sampath Bank has tied-up with X Press Money Services Ltd, a London-based company, X Press Money Services is an associate of the UAE Exchange Centre, LLC, with has an extensive network, specially covering the Middle East and the Asian continent, in addition to its worldwide network.

X Press Money is lightening fast at it uses cutting-edge technology based on internet. A simple click of a computer key, for instance, ensures money is instantly sent to the beneficiary. This service is highly reliable and secure, and therefore it will help to meet emergencies. Speaking on the new service Deputy General Manager, Sampath Bank - Mr. Parama Dharmawardena said, "Every transaction through X Press Money is easy on the wallet of the sender - due to a pricing policy that makes the service accessible to those who until now, could not afford the service, thereby reaching out to a substantial market under its purview, specially the Sri Lanka population working in the Middle East."

X Press Money Service could be obtained in a simple and easy manner. If a person wishes to send cash instantly, he or she has to follow simple steps:

* Sender approaches the nearest X Press Money agent in the foreign country or the Sampath Bank branch in Sri Lanka.
* Give the name and ID details of the beneficiary and pays cash.
* The money reaches the receiving X Press Money agent or the respective Sampath Bank.
* The beneficiary goes to the X Press Money agent at the destination or the Sampath Bank branch and collects the money in cash.

X Press Money bypasses the cumbersome procedures and documentation. Hence, delays are avoided. Moreover, the sending and receiving procedures are so simple and short that anyone can send or receive money without any hassle.

It is highly economical for the time it saves. The exchange rates and the charges are priced very competitively. As there are no deductions at the receiver's end whether in Sri Lanka or abroad, what is sent is what is received.

As a value addition to this service, transfers made through X Press Money also have the provision for carrying 250 character long message and if sender and receiver provide e-mail addresses then they are automatically informed about 'money collected' and 'money sent' respectively.

"In addition to all these services, Sampath Bank will provide its traditional superior customer service to all users with special care and courtesy to make the process more convenient and easy," Mr. Dharmawardena said.

X Press Money is a service based on the cutting edge of technology and thereby it will provide the opportunity to introduce more innovative products and financial services in the very near future.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager