General information

Population

23.2M

Online population

12.4M

Currency

LKR

Market overview

Population - 23.2M

The population density in Sri Lanka is 370 per Km² (959 people per mi²). 18.05% of the population is urban (4,193,316 people in 2025).

Internet penetration - 12.4M

There were 12.4 million individuals using the internet in Sri Lanka at the start of 2025, when online penetration stood at 53.6 percent.

FinTech Outlook: Trends, Insight & Technology

Back in 2012, Sri Lanka had the highest financial inclusion rate in South Asia with two-thirds of its population having access to formal financial accounts. In second place was Bangladesh, with just half the amount of accounts in Sri Lanka.

Despite the outbreak of the pandemic, in 2020 the Central Bank of Sri Lanka (CBSL) launched its regulatory sandbox in an effort to boost its fintech sector and innovation. It was also exploring the idea of public input on the prospect and thoughts on open banking.

In 2021, the CBSL launched the country’s first National Financial Inclusion Strategy (NFIS) with the prime objective of facilitating more accessible, effective, efficient and affordable financial services for businesses and individuals.

Since these actions were taken, the fintech sector has continued to grow in Sri Lanka. In 2024, the CBSL announced that it was planning on introducing a central bank digital currency (CBDC) to the country. However, no official launch date was set and there has been little talk about it since the initial announcement.

• The national QR code payment system, LankaQR, has expanded to support international payment systems, including India’s Unified Payments Interface (UPI), enabling Indian tourists to make payments at numerous merchant points in Sri Lanka.
• In February 2025, the Sri Lankan government launched GovPay, a centralized digital payment platform for government services.
• The FinTech Association of Sri Lanka (FASL) is working on initiatives to enhance Colombo International Financial City (Port City Colombo) as a leading fintech hub in South Asia, aiming to attract investments and foster innovation.
• Colombo-based fintech startup PayMedia provides software solutions to banks and other financial institutions to simplify the banking experience. Founded by Kanishka Weeramunda in 2014, PayMedia provides smart banking services for digital onboarding and eKYC, online wallets, remittance systems, and electronic funds transfer, among others.

Banks