Central Bank launches landmark financial literacy drive to empower Sri Lankans

Dr. Nandalal Weerasinghe Pix by Pradeep Pathirana

By Nishel Fernando

The Central Bank(CB) yesterday unveiled a sweeping set of initiatives aimed at bolstering the financial well-being of its citizens, launching the nation’s first comprehensive Financial Literacy Curriculum, a series of educational videos, and a professional certification for financial trainers. 

The move is a cornerstone of Central Bank’s vision “Towards a Financially Literate Sri Lanka,” designed to equip individuals with the skills needed to navigate a complex economic landscape. 

Speaking at the launch event held in Colombo yesterday, CB Governor Dr. Nandalal Weerasinghe stressed that the initiatives represent a “pivotal milestone in Sri Lanka’s financial inclusion progression.”

He highlighted that while past efforts have increased financial knowledge, a significant gap remains between understanding and action, leading to issues such as over-indebtedness, poor savings, and vulnerability to scams. 

“Knowledge alone is insufficient,” Governor Weerasinghe said. “We must cultivate appropriate skills and attitudes that empower Sri Lankans to make prudent, informed and rational financial decisions.” 

The multi-pronged approach is set to address this challenge head-on.

A National Curriculum will serve as a foundational curriculum. Developed with technical expertise from the University of Kelaniya, it has been designed to standardise financial education across the country. It covers seven key areas, including Personal Financial Management, Digital Financial Literacy, Tax Literacy, and Financial Consumer Protection. The curriculum will be publicly available in all three national languages on the Central Bank’s website to ensure widespread access. 

To make financial concepts more accessible, the Central Bank has produced two educational video series with support from the United Nations Development Programme (UNDP) and the Japan International Cooperation Agency (JICA). These videos are aimed at tackling real-world challenges such as debt management, impulsive spending, and identifying pyramid schemes. The Governor invited media institutions and content creators to help amplify the reach of these resources. 

To ensure high-quality instruction, the Central Bank, in partnership with the Institute of Bankers of Sri Lanka (IBSL), has introduced the Certified Trainer in Financial Literacy (CTFL) programme. The initiative aims to certify 100 trainers annually, focusing on professionals in the public and banking sectors. 

These initiatives are expected to operationalise key pillars which are content Development and harmonization of the Financial Literacy Roadmap introduced in May of the previous year. The roadmap itself is a critical component of the National Financial Inclusion Strategy (NFIS) launched in 2021 in partnership with the International Finance Corporation (IFC). 

Dr. Weerasinghe emphasised that a financially literate populace is crucial for national economic stability. “When individuals make sound, rational decisions, they become less susceptible to financial distress,” he noted, explaining that this reduces systemic risks. 

Furthermore, he added that a better understanding of economic indicators such as inflation and interest rates enhances the effectiveness of monetary policy. 

Calling for a “shared national responsibility,” the Governor urged all stakeholders from government bodies to private sector and community organisations to unite in the mission to foster economic resilience and prosperity for all Sri Lankans. 

“Together, we will create a legacy of economic empowerment that will benefit generations to come,” he concluded.