DFCC Bank and Citizens Development Business Finance PLC (CDB) Enter into Strategic Partnership to Expand Inward Remittance Services
January 25, 2023
DFCC Bank PLC, one of Sri Lanka’s most trusted banks and a leader in inward remittances, has partnered with Citizens Development Business Finance PLC (CDB) one of the top four largest non-banking financial institutions (NBFIs) in Sri Lanka, to promote convenient access to inward remittances. CDB is the 10th financial institution to become a partner on the Lanka Money Transfer (LMT) platform; a comprehensive, secure, seamless, and reliable remittances platform designed, created and operated by DFCC Bank PLC. As a result, DFCC Bank PLC, a bank with over 65 years of experience and CDB, a well-established and multi-award-winning financial institution, can now work together to facilitate inward remittances to Sri Lanka.
The partnership aims to form a strong bond between these two financial services giants with a view to reaping mutual benefits. It also further expands the collection points of remittances sent from UAE, Qatar, Oman, Israel, Australia, Japan, Hong Kong, and Singapore via DFCC Bank’s LMT remittances platform, reaching customers who prefer to do business with NBFIs. Adding CDB to the LMT network is a significant milestone for DFCC Bank, as it aims to consolidate its position further in the foreign currency inward remittances market.
Discussing the importance of the partnership, the CEO of DFCC Bank PLC, Thimal Perera commented, “We are delighted to partner with CDB to expand our remittance services and provide more options for our valued customers. This partnership creates a win-win situation for DFCC and CDB by expanding accessibility and sharing the platform. We are committed to providing the best customer service and compliance with international standards, and this partnership will only enhance our ability to do so.”
Mahesh Nanayakkara, the MD/CEO of Citizens Development Business Finance PLC (CDB), also expressed his positive sentiments towards the partnership, “It is indeed an exciting time as we join forces with DFCC Bank to provide our customers with convenient, seamless, secure and reliable remittance options. This partnership will benefit our customers and contribute to the national effort to overcome the present economic challenges through increased inward foreign currency inward remittances.”
Customers using the LMT platform are assured of exceptional customer service standards, with each transfer complying with international standards, and each transaction is instantly credited to the beneficiary customer account in real time. This reassures Sri Lankans working abroad and supporting their families back home. It also further incentivizes people to choose legitimate inward remittances, as speed is no longer an issue with LMT. Furthermore, by remitting legitimately, customers are further empowered to enjoy all the perks of receiving inward foreign currency remittances, including tax benefits.
Inward remittances are a top priority at the national level to address Sri Lanka’s present economic challenges. DFCC Bank was the first Bank in Sri Lanka to launch a targeted campaign introducing incentives for remittances, leading the way for others to follow. The Bank is continuously working towards improving the flow of legitimate inward remittances by reaching out to an increasingly diverse range of customers. By coming together, DFCC Bank and CDB have taken a monumental step towards addressing the needs of Sri Lankans living and working abroad who make regular remittances to Sri Lanka to support their families.
Thimal Perera – Director/CEO DFCC Bank PLC exchanging the MOU with Mahesh Nanayakkara – MD/CEO – CDB
From Left to Right – Lakshitha Maduranga, Senior Executive – CDB, Christie Mariyadasan – Assistant Vice President, Remittances – DFCC Bank PLC, Anton Arumugam, Senior Vice President, Offshore Banking, Remittances & Business Development – DFCC Bank PLC, Thimal Perera – Director/CEO – DFCC Bank PLC, Mahesh Nanayakkara – MD/CEO – CDB , Sasindra Munasinghe – Director Sales & Business Development – CDB , Roshan Abeygoonawardena – Director Corporate Finance – CDB, Ashad Weerabangsa – AGM Remittances – CDB
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the bank aims to become a leading institution that contributes towards greater resilience through the creation of resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka in 2021 by Global Brands Magazine UK, and ‘Market leader in Cash Management 2021’ by Euromoney. Additionally, DFCC Bank is ranked among Business Today’s Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka.
Citizens Development Business Finance PLC (CDB) stands among the top four largest Non-Banking Financial Institutions (NBFIs) in Sri Lanka and one of the most innovative financial institutions in the country, with a strong commitment to sustainability, exemplary corporate governance, accountability, and transparency. It is renowned for disrupting the financial services industry with far-reaching technological innovations and cutting-edge financial solutions.