Regulatory Alerts2022-03-18 | Finance Business Act Directions No.02 of 2022Mobile Phone Based E-Money Services
The Monetary Board of the Central Bank of Sri Lanka issued Directions No. 02 of 2022 to regulate mobile phone-based e-money services for Licensed Finance Companies operating through licensed service providers and their merchants. The framework authorizes LFCs to conduct deposit acceptance, loan disbursement, repayment collection, and fee management via these systems while mandating board-approved risk frameworks, consumer protection measures, and prior Director notifications. Existing arrangements must achieve full compliance within six months, with transaction limits and fees capped according to Central Bank guidelines.
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