Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown.

The unprecedented crisis triggered by the coronavirus pandemic has severely dented Sri Lanka’s economy, causing a steep fall in the earnings from tourism, remittances and outflow of foreign investment, the nation’s central bank has said.

Through informal communications, many banks have conveyed to NBFCs and micro lenders that they aren’t in favor of extending the moratorium, said at least three NBFC industry officials.

Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution. 

Payment companies have reported a surge in digital transactions for buying essential goods since the lockdown began, and more and more fintechs are now working with mom-and-pop stores to enable them to transact digitally.

COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30 percent live below the national poverty line and insurance penetration is extremely low.

A number of people who were earlier used to paying their utility bills in cash may have shifted to the digital channels during the lockdown, they added.

The government is providing direct cash assistance to 5 million Corona-affected families.

The donation was a part of a local initiative in which FINCA employees contributed a day’s worth of salary towards COVID-19 relief in appreciation of the country’s need in this time of crisis.