The IFC commissioned a report on an assessment of the market demand of mobile payment services in Sri Lanka.
Reasons for the study:
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- Lack of reach to the bottom of the pyramid segments: Financial institutions have been limited in expanding their services to reach more people at the base of the pyramid. High cost and limited infrastructure means that more affordable solutions are needed.
- Mobile, or branchless banking as a solution: Due to large unbanked population and widespread use of mobile phones, mobile banking offers a new business model and delivery channel, to increase financial access to a wide range of services while reducing transaction costs.
- Demand for mobile banking in Sri Lanka: With no proven models of mobile banking in Sri Lanka, this study was conducted to understand the demand for mobile based financial solutions, to help establish the availability of a viable business model for such services in the country.
