Central Bank and Australia Partner to boost digital financial literacy for MSMEs with Skills for an Inclusive Economy

The Central Bank of Sri Lanka (CBSL) has signed a Memorandum of Understanding (MoU) with Australia’s Skills for an Inclusive Economy program on a pilot initiative to improve digital financial literacy for micro, small and medium enterprises (MSMEs), a critical 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 will inform future policy and programming, with CBSL aiming to scale up successful initiatives in partnership with national and international stakeholders.

Speaking at the event, Dr. P. Nandalal Weerasinghe, Governor Central Bank of Sri Lanka, noted that the initiative reflects CBSL’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.

Australian High Commissioner to Sri Lanka, His Excellency Matthew Duckworth, underscored 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,” the High Commissioner 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 that contribute to economic stability, resilience, and shared prosperity.

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

The Memorandum of Understanding between the Central Bank of Sri Lanka and Australia’s Skills for an Inclusive Economy (S4IE) Program reflects a shared commitment to strengthening digital financial literacy for micro, small and medium enterprises (MSMEs).

The pilot initiative aims to test practical approaches that can be scaled up over time, supporting inclusive economic growth and long term sustainability.

Photo caption - Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and His Excellency Matthew Duckworth, Australian High Commissioner to Sri Lanka, at the signing of the Memorandum of Understanding.