The Central Bank of Sri Lanka amended its guidelines for the establishment of Mobile Banking Units (MBUs) by Licensed Commercial Banks (LCBs), replacing the section on when prior regulatory approval is required to conduct MBU activities. Under the revised approach, prior approval is required for permissible activities set out in the guidelines except for a defined set of non-cash customer-facing activities. Prior approval is not required for MBUs to accept loan or credit card applications, conduct promotions or canvassing of banking products, onboard existing customers to digital channels, or offer advisory services, provided these do not involve cash transactions with customers. For mobile banking activities outside those exempt items, LCBs must submit the completed application form (BSD-MBU-01) to the Director of Bank Supervision at least 10 working days before commencing the activity, together with a cover letter signed by specified senior officers including the Chief Executive Officer or Chief Operating Officer.
Central Bank of Sri Lanka 2025-12-02
Central Bank of Sri Lanka exempts certain non-cash mobile banking unit activities from prior approval and sets 10-working-day application lead time
The Central Bank of Sri Lanka updated guidelines for Mobile Banking Units by Licensed Commercial Banks, detailing when prior regulatory approval is necessary. Approval isn't needed for non-cash activities like accepting loan applications, conducting promotions, onboarding to digital channels, or offering advisory services. For other activities, banks must apply to the Director of Bank Supervision 10 working days in advance.