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DFCC Vardhana Bank PLC Breaks the Remittance Barrier

DVB and the partner banks
DVB and the partner banks

DFCC
Vardhana Bank (DVB), Sri Lanka’s fastest growing commercial bank announces the
introduction of the ground-breaking Lanka Money Transfer (LMT) service which
will be available within the month of November 2014. This new offering is a
remittance service which allows customers, both the sender and receiver to
transfer money with ease, using the banks that they trust.

                                                              
Many
individuals are uncomfortable with remitting money to banks they are unfamiliar
with and in order to address this concern, DVB has partnered with an extensive
network of leading banks, which customers trust. Partner banks of the Lanka
Money Transfer service include the Regional Development Bank, Lanka Orix
Finance PLC, HDFC Bank, Sanasa Bank, Amãna Bank and Union Bank PLC. Customers
of DVB and any of the LMT partner banks will be able to use the Lanka Money
Transfer service to remit funds to their bank accounts. There are approximately
2.2 million migrant workers from Sri Lanka who save their earnings and remit
their money to Sri Lanka in order to support their families and improve their
quality of life.  LMT helps them achieve
this objective by directly remitting the money to their family members’ accounts
at a lower cost.

Mr. Lakshman Silva, CEO DVB lighting the official oil lamp
Mr. Lakshman Silva, CEO DVB lighting the official oil lamp
Commenting
on the new LMT service, Lakshman Silva, CEO, DFCC Vardhana Bank stated, “It is
with great pleasure that DFCC Vardhana Bank partners with other leading banks
in the country to provide customers with access to a convenient and trusted
remittance service. At DVB, we are committed to providing our customers with
the best products and services available in Sri Lanka and our customers’ convenience
is extremely important to us. Our extensive partner network provides our joint
customers with the opportunity to remit their money with ease to the banks they
trust. Transferring money can be a tiresome process but with Lanka Money
Transfer, the entire process is seamless and is no longer a burden, as money is
directly remitted to the receiver’s bank account.”
Mr. P. Samarasiri, Deputy Governor, Central Bank of Sri Lanka addressing the gathering
Mr. P. Samarasiri, Deputy Governor, Central Bank of
Sri Lanka addressing the gathering
DVB
is the first Sri Lankan bank and one of the first in the world to partner with
other banks to introduce a remittance money transferring mechanism in Sri Lanka.
Lanka Money Transfer allows customers to transfer money with ease and enables
them to remit money using a trusted bank they already know. Due to the extended
partner network of more than 700 outlets, LMT has greater access to a wider
customer base. Lanka Money Transfer is a Sri Lankan product and therefore DVB
can guarantee that all charges incurred for transferring money will flow back
into Sri Lanka. The Central Bank of Sri Lanka (CBSL) is targeting USD 10
billion in migrant worker remittances by 2016 in order to strengthen the country’s
Balance of Payments (BOP). Lanka Money Transfer will undoubtedly support the
country’s remittance mechanism in order to help achieve the above target which
is of national interest.

Mr. Lakshman Silva, CEO DVB signing the agreement
Mr. Lakshman Silva, CEO DVB signing the agreement
DFCC
Vardhana Bank has an extensive banking network of 137 branches located across
Sri Lanka. The bank focuses on going beyond delivering a friendly, quick and
efficient service to its diverse customer base. DVB is known for its energy and
professionalism and is one of the youngest yet most dynamic commercial banks in
the country.

About DFCC Bank and DFCC
Vardhana Bank

DFCC Vardhana Bank has 137 branches and extension
offices; and includes 60 units across the Sri Lanka Post network. DVB’s
customers at all branches have access to a full range of commercial and
personal banking services, including Current
Accounts, Savings Accounts, Fixed Deposits, Foreign Currency Accounts and trade
related finances. DVB is part of the DFCC Group. DFCC Bank ranks as one of the world’s
oldest Development Banks and was set up in 1955 by an act of Parliament. Today
the DFCC Group’s total asset base exceeds LKR 151 billion.  

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