HNB partners SLT-MOBITEL to launch ‘Ithuru Ithuru’ island-wide agency banking service utilizing mCash Agent Network

Two of Sri Lanka’s giants in banking and telecommunications, HNB PLC and SLT-MOBITEL, announced a landmark partnership to launch ‘HNB Ithuru Ithuru’, an agency banking service that will enable HNB customers to make deposits to HNB General and Minor Savings Accounts through selected SLT-MOBITEL mCash agents.

Aimed at drastically expanding financial inclusion while promoting the savings habit across the island, the launch marks HNB’s first entry into the agency banking space, HNB said in a media release.

Global experiences with similar agency banking relationships have proved to have a strong positive impact on the generation of domestic savings. Working under the close supervision of the Central Bank of Sri Lanka, the new partnership between HNB and SLT-MOBITEL is expected to create similar positive impacts, particularly for Sri Lankans living in more remote, and rural areas.

“We are proud to have partnered with SLT-MOBITEL in order to continue delivering innovative methods of expanding access to financial services for all Sri Lankans. While HNB has been investing heavily in expanding our physical and digital presence, the introduction of agency banking services through SLT-MOBITEL extensive mCash network will enable an exponential increase in our reach. Ultimately this means better access to essential financial services, especially in remote rural areas, and greater convenience and choice for customers island-wide. This is a win-win scenario for all parties, and a major milestone for the nation, Similar models have been used in African markets like Kenya where approximately US$ 7.27 billion in transactions were conducted via banking agents, while initiatives have also been commenced in Uganda, Tanzania, and Malaysia. We are confident that HNB’s launch of agency banking services will have a similarly transformative effect in terms of breaking down barriers to financial inclusion which remains a key imperative for HNB moving forward.” HNB Executive Director /Chief Operating Officer, Dilshan Rodrigo stated.

Chandika Vitharena, CEO, Mobitel said, “As the National ICT Solutions Provider, SLT-MOBITEL remains committed to supporting the nation’s vision of bridging the digital divide and mCash, our state-of-the-art mobile money platform is ideally placed to pave the way for Sri Lanka’s financial inclusion goals. Recognised as the revolutionary mobile money concept in the country, mCash offers 3600 cutting-edge mobile financial solutions by empowering customers and businesses towards cashless transactions that are seamless, efficient, and secure. We are pleased to partner Hatton National Bank to become a key enabler to leverage the mobile payments ecosystem and propel a valued and vibrant sector.”

In order to make deposits, any HNB General or Minor Savings Account holder can simply engage with any of the selected SLT-Mobitel mCash agents such as Softlogic, Singer, Lanka Bell, as well as any SLT-MOBITEL outlets to make a deposit to their account.