Sri Lanka, Oct. 22 -- Financial Inclusion is essential for continuous and sustainable economic development, according to IFC. This is no exception for Sri Lanka despite showing strong numbers in bank penetration.

According to the World Bank Group's (WBG) Global Findex for 2017, nearly 74 percent of population in Sri Lanka have accounts at a financial institution, higher than the regional average in South Asia of 70 percent (36 percent, excluding India).

Sri Lanka also enjoys high levels of bank branch penetration, with bank branch density of 16.5 per 100,000 adults as of December 2018 (CBSL). Sri Lanka therefore has a high penetration rate but achieving the zenith - stronger financial inclusion - is fraught with constraints.

Though 83 ...