REMITTANCE LINKED SAVINGS PRODUCT FOR RURAL VULNERABLE WOMEN Chandula Abeywickrema Rome, 17-18 November 2011 HNB ADHISHTANA SRI LANKA Remittances and the Private Sector
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REMITTANCE LINKED SAVINGS PRODUCT FOR RURAL VULNERABLE WOMEN
Chandula AbeywickremaRome, 17-18 November 2011
HNB ADHISHTANASRI LANKA
Remittances and the Private Sector
Highlights:
•340 accounts and deposits of USD 135,500 in 4 pilot branches as of 14 th November 2011•Access to other banking facilities, lower initial minimum deposit, no restrictions on withdrawals •Internet banking and SMS alerts•Planned roll-out to 230 branches and 365 ATM points
Expected project impact:
•Greater financial inclusion and empowerment of migrant workers•Disciplined savings through financial planning•Financial literacy – financial products for education •Self-employment, creation of micro entrepreneurs, opportunities for cottage business/industries, shift from traditional to commercial agriculture
What we achieved and our plans for the future
Key success drivers• Public/Private sector partnership for greater empowerment of migrant workers and their
dependants:
a. Partnership with the Foreign Employment Bureau of Sri Lanka
b. Partnerships with private sector employment agencies and corporate entities for greater migrant worker empowerment
• Account holders receive an ATM-enabled debit card, free instructions from HNB, free access through Internet Banking and 365 ATMs
• Promotion and awareness creation through electronic communication and mass media
• Cross-selling of products such as current accounts, credit cards, children's savings, housing loans, leasing, micro-loans, SME loans, and insurance
• Dedicated counters at selected key branches
• Micro-entrepreneurial skills development activities. These target migrant workers and their families who are based in rural areas of Sri Lanka, and assists them in shifting from traditional cultivation practices to commercial agriculture.
• Sri Lankan migrant worker population growing: in addition to Middle East, West Asia and Europe, new destination countries are South Korea, Japan, Malaysia and Singapore
Pilot Launch of Adhishtana
Adhishtana Account Holders
HNB Adhishtana to
Enhance Empower
Enrich
The lives of Migrant workers of Sri Lanka
Thank you!
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