Regulatory Alerts2025-12-02 | Circular No. 3 of 2025Amendments to Circular No. 03 of 2024 on Mobile Banking Unit Guidelines for Licensed Commercial Banks
The Central Bank of Sri Lanka has amended Circular No. 03 of 2024 to clarify prior approval requirements for Mobile Banking Units operated by licensed commercial banks. The revised guidelines exempt certain activities, including loan applications, product promotions, digital onboarding, and advisory services, from prior approval provided they involve no cash transactions. Banks intending to conduct other mobile banking activities must submit form BSD-MBU-01 with an executive-signed cover letter at least ten working days before commencing operations.
CENTRAL BANK OF SRI LANKA 02 December 2025 CIRCULAR No. 03 of 2025
AMENDMENTS TO CIRCULAR NO. 03 OF 2024 ON GUIDELINES FOR THE ESTABLISHMENT OF MOBILE BANKING UNITS OF LICENSED COMMERCIAL BANKS
Circular No. 03 of 2024 on Guidelines for the establishment of Mobile Banking Units (MBUs) of Licensed Commercial Banks (LCBs) is hereby amended by replacing paragraph 5 as follows:
- Prior Approval to Conduct MBU Activities
(a) Prior approval of the Central Bank of Sri Lanka (CBSL) shall be required for LCBs to carry out permissible activities specified in paragraph 4 other than those activities mentioned in paragraph 5 (b).
(b) Prior approval of CBSL shall not be required for LCBs to carry out the following permissible activities relating to MBUs, subject to ensuring that such activities do not involve cash transactions with customers.
(i) Accepting loan/credit card applications (ii) Conducting promotions/canvassing of banking products (iii) Onboarding existing customers to digital channels (iv) Offering services of an advisory nature
(c) LCBs that intend to carry out mobile banking activities other than the permissible activities mentioned in paragraph 5 (b) above, shall submit the duly completed application form (BSD-MBU- 01) to the Director of Bank Supervision, 10 working days prior to the commencement of such MBU activity.
(d) The application should be submitted with a cover letter signed by the Chief Executive Officer/Chief Operating Officer/Deputy Chief Executive Officer/relevant Deputy General Manager.
(Signature)
Dr. P Nandalal Weerasinghe Chairman of the Governing Board and Governor of the Central Bank of Sri Lamka