Central Bank, Australia partner to boost digital financial literacy for MSMEs

The Central Bank of Sri Lanka has signed a Memorandum of Understanding (MoU) with Australia’s Skills for an Inclusive Economy (S4IE) programme to launch a pilot initiative aimed at improving digital financial literacy for micro, small and medium enterprises (MSMEs), a key 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 from the initiative are expected to inform future policy and programming, with CBSL planning to scale up successful measures in collaboration with national and international stakeholders.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, said the initiative reflects the Bank’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.

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

“Australia is pleased to partner with the Central Bank of Sri Lanka 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 broader efforts to promote inclusive economic development and strengthen institutional capacity, reflecting Australia’s ongoing partnership with Sri Lanka to support reforms aimed at economic stability, resilience, and shared prosperity.

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

The MoU between CBSL and the S4IE programme reflects a shared commitment to strengthening digital financial literacy for MSMEs, with the pilot designed to test scalable approaches that support inclusive economic growth and long-term sustainability.

Picture: Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, and Matthew Duckworth at the MoU signing ceremony.