Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe has stated that the majority of people in this country who fall prey to pyramid schemes, lack financial literacy.

Dr. Nandala made these comments while participating in a recent public awareness program on new technological services provided by banks and financial institutions registered with the CBSL.

“Even though people have money in their hands, there is a higher risk of that money being misused and falling prey to fraud. This is mainly due to a lack of financial literacy and knowledge. In particular, we see online advertisements offering discounts and sending promotional emails. The newest trend is advertising to collect funds while claiming to grow different crops. They say if you invest in cultivating trees, fruit or wallapatta (agarwood), you will get huge returns. Taking advantage of legal loopholes, such schemes will fraudulently take hold of your money and deposit it in pyramid schemes or unauthorized savings, leading to financial losses. So whenever you hear something like this, the first question should be—how is that even possible?”

Dr. Weerasinghe further noted that the CBSL is actively implementing programs aimed at improving public financial literacy.

“One of the main reasons for the negative aspects of digitalization taking place is the lack of financial and economic literacy. This leads to making wrong decisions. Therefore, the CBSL Is implementing a special programme on financial literacy while also promoting digitalization,” he said.

Elon Musk’s Starlink satellite broadband services will remain on hold in Sri Lanka until the company guarantees the government’s right to access communication data for national security purposes. 

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) initially granted Starlink a license in 2024 under the previous government, but the current administration has raised concerns over data interception capabilities.

Deputy Minister of Information Technology Eranga Weeraratne stated that Starlink must ensure legal access to communication details in cases involving unlawful activities before services can be operationalized. 

“There may be instances where Starlink services are used for illegal acts. Sri Lankan authorities must have the right to obtain relevant data for legal action,” he emphasized.

The TRCSL had approved five Starlink packages, ranging from Rs. 9,200 to Rs. 1.8 million per month, but the new government insists on revising the terms to include provisions for data interception. 

Discussions involving the Defence Ministry and TRCSL are ongoing, with no immediate resolution in sight.

The delay highlights the balancing act between embracing advanced technology and ensuring national security, as Sri Lanka seeks to modernize its telecommunications infrastructure while safeguarding its interests.

Source: Daily Mirror

The Central Bank of Sri Lanka has determined that Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd. are engaged in a scheme prohibited under Section 83(C) of the Banking Act, No. 30 of 1988, as amended. 

In addition, the following companies and apps have been identified as participating in prohibited schemes under the same section of the Banking Act.