TRC in talks with CB for remittance payments via SMS

The Telecommunication Regulatory Commission (TRC) of Sri Lanka is in talks with the Central Bank seeking approval to allow remittance payments to be paid to unbanked rural households through the mobile phone.

Director General, TRC, Priyantha Kariyapperuma said “There are many households that do not operate bank accounts so we are looking for a way these households can collect any remittances from relatives overseas via mobile SMS. The text message will contain an authorisation code and other details which need to be shown to a bank when collecting the money over the counter. This is a good method to ensure that remittances come in through the banking system and will benefit those who do not operate bank accounts.”

Source: The Island