By promoting financial literacy, financial consumers will be empowered to safeguard themselves from financial frauds and abuses, Central Bank Governor Dr Nandalal Weerasinghe opined at the launch of the “Financial Literacy Roadmap of Sri Lanka” at the Central Bank yesterday. He also noted that empowering the consumer was important to safeguard them from the frauds and scams growing with technology.
Dr. Weerasinghe also observed that future generations should be equipped with necessary financial capabilities to be financially resilient when they become adults. The governor highlighted that financial literacy is an important aspect for students in universities and school level. In the long run, promoting financial literacy will reduce the burden on the government funded social safety programs so the financially literate people can come out of poverty through their own financial decisions.
“Investing in financial literacy will be an investment with higher social and economic returns,” he said.“The introduction of a national financial inclusion strategy in 2021 with the help of policy stakeholders by the Central Bank of Sri Lanka is currently in its implementation phase. We have implemented several phases and now we are going to upgrade this for another period that marks a significant milestone,” the Governor said.
“The roadmap provides an evidence based policy framework aimed at positively changing the financial behaviour towards the betterment of the general public in Sri Lanka. The roadmap we are launching today has a well thought out policy framework, which directs all these stakeholders to achieve four strategic priorities – improved coordination and harmonize content, improved positive financial behaviour, empowered and vigilant financial consumers and the generation of behaviour change. The roadmap provides direction and guidance not only to policy makers and financial literacy service providers but also illuminates the hopes of Sri Lankans for a better and financially inclusive future,” he stressed.
The Central Bank strives to improve the financial inclusion landscape of Sri Lanka through various initiatives. The mandate has been given to the Central Bank formally to promote financial inclusion in Sri Lanka. Speaking at the occasion UNDP Resident Representative in Sri Lanka Azusa Kubota said, “financial literacy has a strong role to play in alleviating the vulnerabilities faced by many of the people in the community in Sri Lanka.”
CBSL Assistant Governor Dilrukshini Wathudura and several other guests were also present at the occasion.
THUSHAN JAYASURIYA