The Commercial Bank of Ceylon has announced that it has joined the national remittance mobile application ‘Lanka Remit’ as a participating bank, to support the Central Bank’s latest initiative to facilitate inward remittances to the country.
At the formal launch of ‘Lanka Remit,’ Commercial Bank Chief Operating Officer and Executive Director Mr Sanath Manatunge received a plaque in recognition of the Bank’s participation in this national project to increase the inflows of foreign remittances. The plaque was presented by the event’s Chief Guest Hon. Namal Rajapaksa MP, Minister of Youth and Sports, Minister of Development Coordination and Monitoring and State Minister of Digital Technology and Enterprise Development.
Developed by LankaClear (Pvt) Ltd., with the support of partner banks, the mobile application provides Sri Lankans working overseas direct access to the existing remittance channels, and enables them to choose more convenient and cost-effective channels to send money to Sri Lanka.
One of the most active players in the country in the field of remittances, Commercial Bank launched a series of remittance promotions last year. The latest of these ‘Win a Million’ is an on-going campaign that will make four instant millionaires in four months. The Bank pioneered the eRemittance in 2003 and launched Sri Lanka’s first Remittance Card in 2016 complete with a cash advance loan facility against emergencies.
To further cater to this segment, the Bank launched ‘ComBank RemitPlus’ in 2019 to enhance access to remittance-related information and services. It also operates 24/7 remittance processing units and has installed dedicated remittance counters at its main branches. The Bank has specially trained Business Promotion Officers (BPOs) and Business Promotion Agents (BPAs) stationed in Middle Eastern countries and in South Korea, and in the past year conducted eForums to promote investment opportunities in Sri Lanka.
One of the Bank’s key strengths in serving the remittance needs of customers is its island-wide network of 268 branches, many of which remain open on public, bank and mercantile holidays, and its network of 938 ATMs, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. Recipients of remittances sent to the Bank enjoy many benefits such Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.
Commercial Bank is Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
