Lanka targets $4b foreign remittances in 2008
Anjana SAMARASINGHE
Money transferring is not highly regulated industry in Sri Lanka and
there are many malpractices in the sector that prevent foreign
remittances coming in to the country.
|
Dinesh Mendis |
Director of Aitken Spence Group Ltd and Managing Director of MMBL
Money Transfer, Dinesh Mendis said Sri Lanka is targeting US$ four
billion of foreign remittances next year. The target set for this year
was US$ three billion.
“We are confident that country will achieve the set target for next
year in foreign remittances and there will be a huge growth potential
for money transferring business.
However industry could be developed further, by attracting businesses
into legal channels. Today large portions of foreign remittances flow
through illegal channels,” he said.
“There is a lack of access to legal channels for the rural community.
Money transferring companies need to provide their services to the
doorstep of these communities,” he added.
MMBL Money Transfer, one of Western Union ‘s Agents in Sri Lanka has
reached a significant milestone with the opening of MMBL’s 1000th
Western Union location. The 1000th location is the Beliatta Rural Bank
of the Beliatta Multi purpose Society located in the Hambantota
district.
Director / General Manager of MMBL Money Transfer, A. Corera said
that with this 1000th location they expect to have 200 new locations in
Sri Lanka to facilitate money transferring.
“We have commercial banks, specialized banks, finance companies,
Sanasa societies and other retail outlets as our sub-agents. Now we have
selected corporative rural banks as our sub-agents to reach rural
communities and facilitate their money transferring process,” he said.
“We selected Beliatta Rural Bank of the Beliatta Multi purpose
Society due to high recognition by the rural community and it is one of
the old multi purpose societies in the country,” he added.
“Central Bank is now educating public on importance of using legal
channels for money transferring. MMBL is also working together with
Sanasa societies, Foreign Employment Bureau and Central Bank to educate
people on legal money transferring,” Corera said. |
