Sri Lanka’s Cargills Bank has partnered with TransferTo, a cross-border mobile payments network for emerging markets, to enhance and strengthen its remittance services offered by the bank.
The partnership provides customers worldwide the convenience of sending money in real-time, from over 60 countries across TransferTo’s global network, to beneficiaries in Sri Lanka. Beneficiaries can now collect cash remittances from 17 Cargills Bank Branches and at over 330 Cargills Food City outlets island wide.
“The integration of mobile financial services with commercial banks to provide delivery of remittance will boost the formal remittance inflow to the country, particularly in the rural and remote areas. These digitalised services will bring more efficiency in the remittance delivery system by cutting costs and travelling times of our customers,” said Buddhika Perera – Head of Retail Banking at Cargills Bank.
TransferTo CEO, Peter De Caluwe added “Remittances represent a very important source of income for Sri Lanka - both from an individual and economic perspective - so it’s essential that the correct infrastructure exists through which people can send and receive money.”