Central Bank Licenses Sri Lanka's First Mobile Money & Payment Service
Sri Lanka's Mobile Market Leader Dialog Axiata announced the launch of the country's first Mobile money service following being awarded a License under the aegis of the Payments and Settlements Act 28 of 2005 Custodial Banking services for Sri Lanka's pioneering mobile money service will be provided by Hatton National Bank PLC.
State of the art Mobile Money technology introduced by Dialog under the brand name, eZ Cash, enables mobile subscribers to maintain a mobile money account in their mobile phone. Using their eZ Cash mobile account, customers can now send and receive money to/from more than 7.5 Million Dialog mobile users, settle utility bills and make payments for other goods and services, direct from their mobile phone.
"We are privileged to have the opportunity to lead Sri Lanka's mobile industry in to the era of Mobile Money – an era which will see the mobile phone become a versatile cash transacting and payment instrument" said Dr. Hans Wijesuriya, Director and Group Chief Executive of Dialog Axiata PLC. "Mobile Money technology will transform the way we transact cash and will enable electronic money interchange and electronic payments to be brought within the reach of every Sri Lankan citizen. The dawn of the Mobile Money era in Sri Lanka has been made possible by the progressive, and financial inclusion focused, regulatory ethos of the Central Bank of Sri Lanka. In this respect Sri Lanka's Payments and Settlement Legislation and Mobile Payment regulations stand among the most progressive in the world. Emboldened by the support and facilitation received from the Central Bank, Telecommunications Regulatory Commission and our Custodian Bank HNB, we are confident that this pioneering initiative to deliver a nationwide Mobile Money service will deliver an unprecedented level of Financial Inclusion through the empowerment of millions of Sri Lankan citizens with electronic money transfer and payment facilities" Dr. Wijesuriya added.
Dialog eZ Cash Mobil Payment System is further secured through the institution of a Trust Instrument administered by Deutsche Bank AG. The Tri-Partite Trust instrument between HNB, Deutche Bank and Dialog Axiata PLC defined under the aegis of the regulations stipulated by the Central Bank enshrines eZ Cash within a customer protection environment on par with Global best practice.
PHOTO CAPTION: Historic Transaction with the Governor of the Central Bank of Sri Lanka, Nivard Cabraal and Telecom Regulatory Commission Director General, Anusha Palpita inaugurating Sri Lanka’s first Mobile Money service by completing a money transfer transaction on Dialog Axiata’s eZ Cash service. As Dr. Hans Wijayasuriya, Group Chief Executive of Dialog Axiata PLC and Jonathan Alles, Deputy Chief Executive Officer of Hatton National Bank PLC look on.