Central Bank with Australia to boost MSMEs’ digital financial literacy

Central Bank Governor Dr. P. Nandalal Weerasinghe and Australian High Commissioner to Sri Lanka Matthew Duckworth at MoU signing 

• MoU signed between CBSL and Australia’s Skills for an Inclusive Economy Programme

The Central Bank of Sri Lanka (CBSL) has signed a memorandum of understanding (MoU) with Australia’s Skills for an Inclusive Economy Programme on a pilot initiative to improve digital financial literacy for micro, small and medium enterprises (MSMEs), a critical driver of Sri Lanka’s economic recovery and inclusive growth. 

The pilot will test targeted approaches to improve access to finance, enhance institutional coordination and strengthen the enabling environment for MSMEs. Lessons learned will inform future policy and programming, with the CBSL aiming to scale up successful initiatives in partnership with national and international stakeholders.

CBSL Governor Dr. P. Nandalal Weerasinghe noted that the initiative reflects the CBSL’s commitment to practical, evidence-based solutions. 

“This pilot will allow us to test and refine approaches that can be expanded over time to deliver sustainable outcomes for MSMEs across the country,” he said. 

Australian High Commissioner to Sri Lanka Matthew Duckworth underscored the importance of sustainability and long-term impact. 

“Australia is pleased to partner with the CBSL on this initiative. From the outset, the focus has been on building systems and partnerships that can be sustained and scaled, ensuring the benefits extend well beyond the pilot phase,” he said.

The initiative aligns with the broader efforts to promote inclusive economic development and strengthen institutional capacity, reflecting Australia’s ongoing partnership with Sri Lanka to support reforms that contribute to economic stability, resilience and shared prosperity. 

Representing the Australian High Commission, First Secretary Development Zoe Kidd and Senior Programme Officer R. Sivasuthan reaffirmed Australia’s commitment to working closely with the CBSL to ensure the pilot delivers practical lessons and sustainable outcomes, with a view to informing future scale up. 

The MoU between the CBSL and Australia’s Skills for an Inclusive Economy Programme reflects a shared commitment to strengthening digital financial literacy for MSMEs. The pilot initiative aims to test practical approaches that can be scaled up over time, supporting inclusive economic growth and long-term sustainability.

Source -  Dailynews