Author: user user

Who really pays for digital banking?

Digital transformation in banking and finance-particularly in payments and remittances-has generated enormous excitement. It has moved both customers and the industry into a new era of convenience, speed and accessibility. The term ‘digital finance’ itself emerged in the 1970s with the introduction of electronic funds transfers (EFTs). Today, it refers to the impact of digital technologies on the transformation of conventional banking and financial services into something faster, more accessible and, supposedly, cheaper.

Digital finance has also encouraged fintech innovation and expanded ‘financial inclusion’. In theory, digital transformation should reduce operational costs for banks and financial institutions, while improving the quality and speed of service.

Digital finance offers comfort and convenience, but customers often end up paying for the very investments made in digitisation and digitalisation. In that sense, it contradicts the common assumption that the primary purpose of digital transformation is to reduce cost. The real paradox of digital finance is that it may reduce costs for institutions while increasing costs for customers.

The promise vs. the reality of digitalisation

Digital transformation is often justified through a simple economic equation: automation plus technology should reduce operational costs. In theory, banks and financial institutions should benefit from fewer physical branches, a smaller headcount for routine work, lower spending on printing and paper-based documentation, and less time devoted to manual compliance procedures.

Some of these reductions are real. Digital systems can replace carbonised forms, photocopies and repetitive back-office functions. Conceptually, such savings should make financial services cheaper, faster and more accessible, thereby advancing the broader goal of financial inclusion.

Yet digital finance contains an important and complex paradox. The narrative of digital transformation is built on the promise of efficiency and lower operating costs. A portion of the expense is transferred directly to the customer, while another portion is shifted within the institution itself.

Customers increasingly pay for the convenience of digital finance through transaction charges, payment gateway fees, ATM withdrawal fees, platform service charges, the cost of smartphones, internet connections, mobile data and even the burden of self-service are increasingly borne by the customer. In effect, customers pay not only for the service, but also for the infrastructure required to access it.

At the same time, institutions face a different burden in their cost structures. The costs of digital transformation do not disappear; they return in the form of software licensing, cybersecurity, system upgrades and the continuing expense of investing in new technology. Banks are therefore compelled to make continuous investments simply to remain competitive and technologically relevant.

Digitalisation, therefore, does not necessarily remove costs from the financial system. It merely changes who pays. Institutions may reduce some internal operating expenses, but users quietly absorb part of the infrastructure cost, while institutions carry the continuing burden of maintaining and upgrading the digital ecosystem.

Cost transfer instead of cost reduction

The traditional banking model bears the cost of infrastructure-branches, staff, and paperwork-while customers effectively contribute part of the infrastructure themselves. By using their own devices, conducting self-service transactions, and completing digital verifications, customers become active participants in the operational process, yet they do so without compensation. In essence, they shoulder part of the bank’s operational burden at no cost.

The ‘convenience premium’

Digital finance has introduced a new pricing concept often referred to as the ‘convenience premium,’ where customers effectively pay for time and convenience, even when operational costs have decreased. This premium reflects the value of features such as 24/7 accessibility, speed, and instant settlement of transactions between sender and beneficiary-regardless of holidays or branch closures.

In economic terms, digital finance converts convenience into a monetisable asset, charging for the efficiency and immediacy that were once intangible benefits, while the underlying operational burden has shifted partially onto the customer.

Financial inclusion vs. financial commercialisation

According to the World Bank, financial inclusion ensures that individuals and businesses have access to useful and affordable financial products and services-such as transactions, payments, savings, credit, and insurance-delivered in a responsible manner. This is considered essential for reducing poverty, promoting economic growth, and integrating billions of unbanked adults into the formal financial system through digital tools.

Digital finance is often presented as a key driver of financial inclusion, highlighting its potential benefits to the broader public. However, in practice, this narrative can be contradictory as the growing trend of financial commercialisation tends to overshadow the strategic intent of financial inclusion.

Digital finance has undoubtedly improved efficiency; however, efficiency does not automatically translate into affordability. Many institutions shift costs onto users and/or effectively redistributing costs in ways that prioritise profit within digital ecosystems.

As these fees accumulate, lower-income users may end up paying proportionally more for financial services than wealthier individuals who rely on traditional banking. This phenomenon leads to a paradox often referred to as ‘Digital Financial Stratification.’

In other words, while technology reduces costs, digital platforms often redefine how those costs are distributed-frequently shifting a greater share onto end users.

Otedola adds N77.59b shares in First Holdco

Chairman and individual largest shareholder of First HoldCo Plc, Mr Femi Otedola yesterday increased his equity stake in the oldest surviving banking group with additional acquisition of 706.13 million ordinary shares valued at N77.59 billion.

Regulatory filing at the Nigerian Exchange (NGX) indicated that Otedola bought the new shares through his company, Calvados Global Services Limited, in a major single deal that referenced a cross deal. Typically, a cross deal implies a pre-arranged transaction between a seller and a buyer brought to the market for formal transfer of the ownership.

Yesterday’s transaction brought Otedola’s new investments in the banking group to about N121 billion over the past three months.

He had, through the same Calvados Global Services Limited, acquired 549.536 million ordinary shares of 50 kobo each worth N43.413 billion on May 13, 2026.

The price differential underlined Otedola’s drive for stronger control of the banking group. Yesterday’s transaction was crossed at N109.88 per share compared with N79 per share for the May 13, 2026’s deal.

Yesterday’s transaction Otedola’s major equity stake in the group to 21.96 per cent, remaining the single largest individual shareholder in First HoldCo. RC Investment, an institutional bridge holder, holds the largest equity stake of 22.94 per cent in the company.

RC Investment had emerged as a major institutional shareholder following the negotiated divestments of 10.4 billion shares previously held by two major long-standing stakeholders of First HoldCo- Mr. Oba Otudeko and Mr. Oye Hassan-Odukale.

Latest regulatory filing on First HoldCo’s shareholdings by June 30, 2026 had shown that Otedola held 3.25 billion shares directly and another 6.03 billion shares indirectly, totaling 9.28 billion shares. RC Investment Management held 10.43 billion shares.

CARIBBEAN-AVIATION – Sunrise Airways launches Antigua-Barbados route to boost regional travel

Regional carrier, Sunrise Airways has officially launched a new direct service between Antigua and Barbuda and Barbados, with tourism and aviation officials describing the route as a major step towards improving regional connectivity and strengthening economic ties across the Caribbean.

The inaugural flight arrived at Grantley Adams International Airport shortly after noon on Wednesday, marking the start of the airline’s twice-weekly service between the two destinations.

Sunrise Airways Chief Executive Officer Gary Stone said the new route reflects the airline’s ‘One Caribbean’ vision of creating stronger links between islands while expanding opportunities for tourism, trade, business and family travel.

‘We are strengthening commercial, tourism and cultural ties while promoting economic growth and deeper integration as a Caribbean community,’ Stone said.

Founded in 2010 by Haitian former pilot Philippe Bayard, Sunrise Airways began operations in 2012 and has expanded its regional network, offering scheduled passenger and charter services across the Caribbean, North America and Central America.

Stone said the airline now serves 20 destinations and has transported millions of passengers, highlighting its continued commitment to regional aviation.

Barbados’ Minister of Tourism and International Transport Ian Gooding-Edghill welcomed the new service, saying it would provide a boost to intra-regional tourism.

‘The Caribbean remains Barbados’ third largest source market,’ he said, noting that the island welcomed more than 102,000 Caribbean visitors last year.

Gooding-Edghill said the new route represents more than an additional flight, describing it as ‘a vital step forward in deepening the bonds of our Caribbean family and strengthening intra-regional travel connectivity.’

He said improved air links are critical to supporting tourism businesses, encouraging investment and keeping Caribbean families connected.

The minister also highlighted the wider benefits of Sunrise Airways’ expanding network, noting that passengers from Barbados will gain easier access to destinations including Haiti, the British Virgin Islands, Dominica, the Dominican Republic, St Kitts, St Lucia, St Martin, St Vincent and the Grenadines, and the Turks and Caicos Islands.

He added that the airline’s connections to US cities, including Boston, Miami, Fort Lauderdale and Newark, could create additional opportunities to strengthen Barbados’ international connectivity.

Sunrise Airways operates a fleet that includes turboprop aircraft, regional jets and Airbus A320 aircraft, allowing the airline to serve both short regional routes and longer international connections.

The Kenyan chef training Rwanda’s next generation of cooks

Bilal Auma Washikumba, a Kenyan chef, has made his way from the coastal kitchens of Mombasa to the fine-dining rooms of Nairobi and now to Kigali, where he is shaping menus, mentoring young cooks and proving that the life of a chef sometimes calls for a delicate balancing act.

At The Hemingways Retreat Kigali, where he is the executive chef, Bilal says his role is about more than putting plates before guests. It is about consistency, profit, guest satisfaction and, increasingly, training the next crop of chefs in a market he says is still growing.

He has worked in some of Kenya’s leading hotels, gaining skills in seafood, fine dining, kitchen management and hotel operations.

He was in kitchens at Leisure Lodge Hotel in Mombasa, Jacaranda Indian Ocean Beach Club, the Norfolk Hotel’s Pango fine dining restaurant, Fairview Hotel, Sopa Lodges in the Maasai Mara and Naivasha, and Temple Point Resort in Watamu before relocating to Kigali, Rwanda, in May 2022.

‘I worked with the most experienced chefs, Italian chefs, so that’s where I got my experience. I loved doing lobster, tamido and prawns piri piri.’

In 2009, he stepped away for two and a half years to study at Kenya Utalii College, a move he says gave him the management grounding that hands-on hotel training had not fully provided.

‘I really wanted to have insights into the kitchen because when you do normal in-house training, there are things that you miss out on in terms of kitchen management,’ he says.

Then called the Retreat, before Hemingways acquired it officially in mid-2025, Bilal found not just a kitchen to lead, but a team to build.

‘When I joined, we started creating menus with the junior chefs, the local Rwandese chefs,’ he says. ‘I built up a team. Many have left, and they are chefs now in other hotels.’

For him, that movement is not a loss but proof that the training is working.

‘Rwanda is a small market and the culinary world is still [fledgling]. You cannot compare it to Kenya,’ he says. ‘But I like it when people come, train, leave, and they go succeed.’

The Kenyan chef is now grooming another group.

‘Currently, we have a new team we’ve been training. I’ve had to ensure I work closely with them because most of them have not gone to culinary school.’

He plans to take some of the kitchen staff to Kenya for a hands-on experience ‘to have that experience and broaden their knowledge in culinary skills.’

On the menu, he has been blending local Rwandan produce with international ideas.

‘We have the ribeye on bone that is served with the local plantain (mizuzu),’ he says.

Another fixture is tilapia from Lake Kivu. ‘Tilapia never used to be [on the menu],’ he says. ‘So, currently I’m doing tilapia that goes with the local spinach.’

For Bilal, the rules of the kitchen are clear. ‘One, you have to be strict with your recipe. Then you must have passion for cooking. You have to control your costs so that the company can also realise profits,’ he says.

He is a Muslim, but he does not let these beliefs get in the way of his job. He tastes everything when needed to, and that may include beef, whether halal or not, and pork.

‘Yes, I taste pork,’ he says. ‘It’s part of my job…Let’s say it’s Ramadhan, then you come in the kitchen, and you are telling people you cannot taste food because you are fasting. When a guest complains, you can’t tell [unless you taste]. So, some boundaries I just leave it out then I say I’m coming to do my job. And I do it right.’

Do chefs cook at home too?

‘My kids love to see me cooking, so they challenge me,’ says the 42-year-old. ‘I do a lot of cooking when I take my off and my leave.’

He is also clear that the title chef must be earned.

‘If you want to be a good chef, you must start from the cleaning part, the stewarding part, then you grow from there,’ he says.

‘Cooking comes from the heart,’ he says. ‘You must enjoy your job.’

TRINIDAD-RESCUE-Crew member rescued at sea dies

The Trinidad and Tobago government late Wednesday night confirmed that one of the six crew members aboard the fishing vessel, St Vincent VII, who were reportedly rescued alive after spending several days in distress at sea, has died.

In a statement, the Ministry of Defence said that ‘in the hours following the rescue of the six-member crew of the fishing vessel ST VINCENT VII, one member of the rescued crew, 66-year-old Trinidadian Anthony Murray started exhibiting signs of shallow breathing, although appearing stable and showing no signs of pain or discomfort.

‘The Ministry of Defence was subsequently advised by the crew of the MV MARVEL KITE that Mr. Murray appeared lifeless within a few hours of the observation, whilst the vessel was en route to St. Lucia for a rendezvous with the crew of Trinidad and Tobago Coast Guard vessel CG25.’

It said that following the passing of Murray, a decision was made to divert to St. Vincent for the delivery of the body and a formal declaration of death as well as for medical examination and treatment of the remaining rescued crew members.

The ministry said that once medically examined, the remaining rescued crewmen would be returned to Trinidad by the Trinidad and Tobago Air Guard.

‘The Ministry apologizes for the delay in disseminating this announcement as a decision was taken to withhold the announcement of the passing of Murray until his immediate family members were first notified.

‘The Government of the Republic of Trinidad and Tobago wishes once more to express its heartfelt gratitude to the crew of MV MARVEL KITE and all others who participated in the search and subsequent rescue of the crew of ST VINCENT VII and to offer sincere condolences to the family of Murray upon his untimely and unfortunate passing.’

The vessel departed Chaguaramas on July 6 with a six-member crew employed in the yellowfin tuna fishing industry. Four of the crew are Trinidad and Tobago nationals, while the others are a Vincentian and a Guyanese captain, Eshwar Persaud, also known as ‘Shanie’.

According to relatives, the fire broke out around 6:30 a.m. (local time), on July 13 while the vessel was operating near the maritime border between Suriname and French Guiana. There has been no contact with the crew since then.

Amanda Suraj, the wife of crew member Shannon ‘Joey’ Mohammed, had appealed for immediate assistance from neighbouring countries and vessels transiting the area.

The Caribbean Media Corporation (CMC) has since been informed that ‘another of the rescued crewmember’s condition is deteriorating’. The sources did not provide the name or nationality of that crew member.

Book by Uzbek poet published in Azerbaijani language [PHOTOS]

A presentation ceremony for the Azerbaijani-language edition of “My Life Is a Letter” by Shukhrat Arif, Chairman of the Uzbekistan Journalists’ Union and a renowned poet and publicist, has been held at the Aghdam Mugham Center, AzerNEWS reports.

The event was organized as part of the 2nd International Festival of Young Poets of the Turkic World.

The presentation was moderated by Intigam Yashar, Chairman of the World Union of Young Turkic Writers and a poet-publicist. Among the attendees were Sultan Raev, Secretary General of TURKSOY and a writer; Salim Babullaoglu, Secretary for International Affairs of the Azerbaijan Writers’ Union (AWU) and a poet; Musa Kazim Arican, Rector of Ankara Social Sciences University; Muhammed Enes Kala, Chairman of the Writers’ Union of Turkiye; Akmurad Rajabov, an official of the Ministry of Culture of Turkmenistan; as well as distinguished literary and cultural figures from across the Turkic world.

The speakers emphasized that literary and cultural relations between Azerbaijan and Uzbekistan have developed significantly in recent years.

They described the publication of Shukhrat Arif’s works in Azerbaijani as an importantic world, strengthen literary ties between Azerbaijan and Uzbekistan, introduce contemporary Uzbek poetry to Azerbaijani readers, and deepen literary and cultural cooperation among Turkic event for promoting the shared spiritual and cultural values of the two brotherly nations.

It was noted that the publication represents a valuable contribution to the literary integration of the Turkic world, the enrichment of mutual translation traditions, and the expansion of cultural cooperation.

The book “My Life Is a Letter” was published as a joint project of the World Union of Young Turkic Writers and the Regional Legal and Economic Awareness Public Union. The project’s main objectives are to promote the common spiritual heritage of the Turkic world, strengthen literary ties between Azerbaijan and Uzbekistan, introduce contemporary Uzbek poetry to Azerbaijani readers, and deepen literary and cultural cooperation among Turkic peoples.

The book was adapted into Azerbaijani by Shahmammad Daglaroglu (Soltanov), a member of the Azerbaijan Writers’ Union, Chairman of the Ismayilli Writers Public Union, and poet-publicist, together with Akbar Goshali, laureate of the International “Alash” Literary Prize and a poet-publicist.

The editor of the publication is Akbar Goshali. The advisors are Arzu Baghirova, Chairperson of the Regional Legal and Economic Awareness Public Union, and Khasiyat Rustam, Editor-in-Chief of Uzbekistan’s “Kitab Dunyasi” (Book World) newspaper and a poet-publicist.

The literary reviewers are Salim Babullaoglu, Secretary of the Azerbaijan Writers’ Union and poet-translator, and Intigam Yashar, Chairman of the World Union of Young Turkic Writers. The project coordinator is Nilufer Latif, Deputy Chairperson of the Regional Legal and Economic Awareness Public Union.

During the event, participants were given a comprehensive overview of the author’s literary career, and selected poems from the book were recited.

At the conclusion of the ceremony, the guests congratulated the author and expressed confidence that this publication would pave the way for new literary projects and further strengthen cultural cooperation between Azerbaijan and Uzbekistan.

Senate to MDAs: honour legislative summons or face sanctions

The Senate on Wednesday drew a firm line against the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other 40 Ministries, Departments and Agencies (MDAs), declaring that government institutions that refuse to honour its invitations or obstruct legislative oversight will face sanctions under the Constitution, the Legislative Houses (Powers and Privileges) Act and the Senate Standing Orders.

The resolution followed the adoption of a motion sponsored by the Chairman of the Senate Committee on Finance, Senator Sani Musa (Niger East), in response to the persistent refusal of several revenue-generating agencies to appear before the committee or submit the financial records required for oversight.

As part of its resolutions, the Senate directed all Ministries, Departments and Agencies (MDAs) and Government-Owned Enterprises (GOEs) to honour invitations issued by the Senate and its committees, appear whenever required, and provide all documents, records and information necessary for the discharge of legislative oversight responsibilities.

It also mandated the Clerk to the National Assembly to communicate the resolutions to all affected agencies for immediate compliance, and urged the Secretary to the Government of the Federation (SGF), the Head of the Civil Service of the Federation and all ministers to ensure that agencies under their supervision comply with Senate invitations and summonses.

The Red Chamber further resolved that any agency that deliberately refuses to honour invitations or obstructs the constitutional oversight functions of the National Assembly would be subjected to appropriate sanctions and enforcement measures as provided under the 1999 Constitution, the Legislative Houses (Powers and Privileges) Act and the Senate Standing Orders.

Moving the motion, Musa said the National Assembly was constitutionally empowered under Sections 88 and 89 of the Constitution to investigate the administration and expenditure of public funds, expose corruption, inefficiency and waste, and ensure accountability in the management of national resources.

He noted that Order 97 of the Senate Standing Orders also empowers standing committees to exercise oversight over MDAs and government-owned enterprises within their respective jurisdictions.

According to him, the Senate Committee on Finance routinely conducts investigative hearings into internally generated revenue, stamp duty collections, operating surpluses, statutory remittances to the Consolidated Revenue Fund (CRF) and compliance with the Fiscal Responsibility Act as well as the Finance Acts.

He, however, lamented that despite repeated invitations, several agencies had either ignored the committee or claimed they were under no obligation to appear.

Musa warned that such conduct was a direct challenge to the authority of the legislature.

‘This persistent non-compliance constitutes a direct affront to the constitutional authority of the Senate, undermines the doctrine of separation of powers and checks and balances, weakens legislative oversight, and impedes transparency and accountability in the management of public resources,’ he said.

He added that allowing the trend to continue would encourage institutional impunity, frustrate the National Assembly’s oversight responsibilities and erode public confidence in democratic governance.

The debate intensified when Senator Mohammed Tahir Monguno (Borno North) reminded lawmakers that the Constitution already empowers the Senate to compel attendance by defaulting officials.

Citing Section 89(1)(d) of the Constitution, Monguno said the Senate could issue warrants against any person who, after being summoned, refused or neglected to appear without a satisfactory explanation.

‘We are representing the entire nation. These constitutional powers exist for a reason,’ he said, urging the Senate to invoke its enforcement powers against persistent defaulters after due notice.

Senate President Godswill Akpabio agreed that the Constitution had vested the Senate with adequate powers to enforce compliance.

‘We cannot continue lamenting. The Constitution has already provided the Senate with the authority to act,’ Akpabio said.

He disclosed that some committees had been informed by heads of agencies that they had ministerial approval to ignore Senate invitations.

‘Some agencies even tell committees they have ministerial approval to ignore Senate invitations. That is mind-boggling,’ he said.

Akpabio said that where committee reports established continued defiance, the Senate would summon the affected officials before the entire chamber and invoke every constitutional power available to compel compliance.

Former Senate Chief Whip, Senator Orji Uzor Kalu (Abia North), insisted that lawmakers should no longer look to the Executive whenever agencies ignored parliamentary summons.

‘This is not the job of the President of the Federal Republic of Nigeria. This is our job. Sections 88 and 89 of the Constitution empower and protect the National Assembly to carry out its constitutional responsibilities. If they refuse to come, we should invoke our constitutional powers,’ he said.

Senator Adams Oshiomhole (Edo North) also backed stronger enforcement, stressing that legislative oversight remained one of Parliament’s most effective tools for exposing financial infractions.

He said committees should recommend appropriate enforcement measures against agencies that disregard Senate summonses, noting that oversight had uncovered breaches of the Fiscal Responsibility Act, excessive recurrent spending and poor compliance with statutory remittance obligations.

Senator Abdul Ningi (Bauchi Central) reaffirmed the independence of the legislature, saying Parliament was neither an arm nor a department of the Executive.

He, however, suggested that the affected agencies should be given one final opportunity to appear before the relevant committees before stronger constitutional measures were invoked.

Following the debate, the Senate unanimously reaffirmed its oversight powers under Sections 88 and 89 of the Constitution, ordered all MDAs and GOEs to comply with Senate invitations, and directed the Clerk of the National Assembly to communicate the resolutions to all affected institutions for immediate implementation.

It also urged all government agencies to cooperate fully with legislative oversight to promote transparency, accountability and the prudent management of public funds.

Export earnings exceed $ 9 b in 1H

Sri Lanka’s export sector continued to demonstrate resilience and sustained growth, with the first six months’ total earnings surpassing $ 9.01 billion and reflecting a 7.96% year-on-year (YoY) growth despite global headwinds.

The latest data released by the Sri Lanka Export Development Board (EDB) showed that merchandise exports shipped in June were up 18.25% YoY to over $ 1.31 billion, whilst estimated services earnings in the month increased by 3.75% YoY to $ 344.52 million. June exports also registered a 7.37% month-on-month (MoM) increase compared to May 2026. Total earnings during June surpassed $ 1.65 billion, reflecting a 12.53% YoY growth.

Merchandise export earnings during January-June increased by 8.95% YoY to over $ 7.07 billion, whilst services exports during the same period were estimated to have surged by 4.49% to $ 1.93 billion.

Services exports include sectors such as ICT/BPM, construction, financial services, and transport and logistics.

EDB Chairman Mangala Wijesinghe said: ‘Sri Lanka’s export performance during the first half of 2026 demonstrates the resilience and competitiveness of our exporters, with total exports surpassing the $ 9 billion milestone. The continued growth recorded across both merchandise and services exports reflects the sector’s ability to adapt to evolving global market conditions, while strengthening its contribution to economic recovery and foreign exchange earnings.’

He said the EDB remains committed to working closely with exporters and all relevant stakeholders to strengthen Sri Lanka’s position in global markets through innovation, market diversification, value addition, and improved trade facilitation.

‘The implementation of the National Export Development Plan (NEDP) 2026-2030 will provide a strategic framework to further enhance export competitiveness, promote integration into global value chains, expand opportunities for businesses, and support sustainable export-led economic growth,’ Wijesinghe added.

As per the data shared by the EDB, the industrial sector showed a significant increase in performance.

Apparel and textiles remained the dominant contributor, but the sector saw a 6.07% YoY decrease between January and June, reaching over $ 2.44 billion.

Electrical and Electronic Components (EEC) exports surged by 123.48% YoY to $ 450.20 million, supported by strong performance in Electrical Transformers (36.99%), Insulated Wires and Cables (72.91%), and Switches, Boards and Panels (19.18%). In addition, exports of Boilers, Piston Engines, Pumps, and Vacuum Pumps increased substantially, reaching $ 171.39 million during January-June 2026.

Processed Food and Beverages export earnings also increased 24.45% YoY to reach $ 347.13 million during January-June, primarily driven by the strong performance of processed food exports, which grew by 44.07% to reach $ 164.61 million. This growth highlights the rising international demand for Sri Lanka’s value-added food products.

Agriculture exports also witnessed a remarkable growth during the first-half months. Export earnings from Coconut-Based Products increased significantly by 14.59% YoY to reach $ 614.93 million during 1H 2026, supported by broad-based growth across all major product categories, including Coconut Kernel-Based Products (4.57%), Fibre-Based Products (12.45%), and Shell-Based Products (50.74%). The strong performance was driven by increased exports of products such as Coconut Oil (15.19%), Desiccated Coconut (12.81%), Liquid Coconut Milk (4.33%), and Activated Carbon (44.59%), reflecting sustained global demand and enhanced value addition within the sector.

Earnings from the rubber sector increased by 5.24% to $ 492.32 million during the first six months, largely driven by performance in Pneumatic and Re-treaded Rubber Tyres and Tubes, which increased by 6.49% during the period. The positive performance reflects the continued competitiveness of Sri Lanka’s rubber-based manufacturing sector in global markets.

Seafood exports also grew by 17.61% to reach $ 122.51 million, supported by higher exports of Frozen Fish (7.6%) and Fresh Fish (50.06%). The growth reflects improved export volumes and strengthening demand in international markets.

However, tea exports, which comprised 12% of total merchandise exports, declined by 5.69% YoY to reach $ 700.80 million during the January-June 2026 period. The reduction was mainly attributed to weaker performance in key product categories, with Bulk Tea exports declining by 6.6% and Tea Packet exports decreasing by 6.43% compared to the corresponding period in 2025.

On the services side, the ICT/BPM and financial services sectors showed positive growth during the first six months, with increases of 17.66% YoY to $ 885.42 million and 28.32% YoY to $ 29.23 million, respectively.

The robust June figures build on the positive trajectory recorded in 2025. Sri Lanka’s total export earnings reached over $ 17.25 billion last year, marking a 5.6% YoY increase and achieving nearly 95% of the $ 18.2 billion export target.

For 2026, Sri Lanka has set an ambitious export revenue target of $ 20 billion, reflecting an anticipated YoY growth of 10-12%. Merchandise exports are expected to exceed $ 15.7 billion in 2026, while services exports are projected to rise to $ 4.3 billion.

Among Sri Lanka’s top 15 export markets are the US, India, UK, Italy, Germany, Netherlands, China, UAE, Australia, France, Trkiye, Canada, Belgium, Japan, and Mexico. India, China, Turkey, Japan, and Mexico recorded positive YoY growth in both June 2026 and cumulatively for the January-June period, reflecting emerging resilience across major international markets.

The US, Sri Lanka’s largest single export destination accounting for around 22% of total merchandise exports, recorded a marginal YoY decrease of 0.58% to $ 250.87 million in June 2026. Meanwhile, cumulative exports for January-June reflected a slight increase of 0.13%, reaching $ 1,436.85 million compared to the corresponding period in 2025, indicating stable but relatively subdued overall growth in exports to the US.

India strengthened its position as Sri Lanka’s second-largest export destination, surpassing the UK, with cumulative exports increasing by 36.16% to $ 688.47 million during January-June. In June 2026, exports to India recorded a robust YoY growth of 156.73%, reaching $ 246.15 million. In contrast, exports to the UK experienced a significant YoY decline of 28.49% to $ 65.53 million in June 2026, while cumulative exports declined by 10.23% to $ 434.44 million during the January-June period compared to the corresponding period in 2025.

Exports to the EU, which account for 25.5% of Sri Lanka’s total merchandise exports, recorded a decline of 14.85% in June 2026 compared to the corresponding month of 2025. However, during the cumulative period from January-June, exports to the EU increased by 2.49% YoY, indicating a marginal improvement in overall export performance to the region.

Comelec says no petition filed vs Dupal-ag in Cavite special polls

The Commission on Elections (Comelec) has yet to receive any petition seeking the cancellation of the certificate of candidacy (COC) of congressional aspirant Marvin Dupal-ag for the special election in Dasmariñas, Cavite.

Comelec Chairman George Erwin M. Garcia made the clarification about Dupal-ag, who was previously listed by police as Calabarzon’s No. 2 most wanted person before his arrest in 2019.

‘Wala pa tayong natatanggap base sa ating monitoring sa Commission on Elections patungkol sa bagay na iyan,’ Garcia said during a press briefing.

Garcia also noted that Dupal-ag’s status as one of Calabarzon’s most wanted persons referred to a previous period and should not be taken out of context.

He said the absence of a final judgment of conviction means a candidate generally remains qualified to seek public office unless otherwise disqualified by law.

‘Ang lahat ng mga kumakandidatong hangga’t walang final judgment of conviction o perpetual disqualification to hold public office ay makakatakbo,’ Garcia said.

Garcia explained that even a conviction by a lower court does not automatically disqualify a candidate if the decision is still under appeal and has not yet become final.

Dupal-ag was arrested in Toledo City, Cebu in August 2019 after evading authorities for nearly 16 years and was then identified by Police Regional Office-Calabarzon as its No. 2 most wanted person. Authorities said he was facing murder, frustrated murder and carnapping charges.

Police records at the time showed that warrants for his arrest had been issued by the Regional Trial Court in Imus, Cavite in connection with the criminal cases.

Despite those cases, Comelec maintained that questions on a candidate’s eligibility must be resolved based on existing election laws and the status of court proceedings, not merely on pending accusations.

Dupal-ag is among the five candidates seeking to represent Cavite’s Fourth District in the special election that will fill the congressional seat vacated following the expulsion of former Rep. Francisco ‘Kiko’ Barzaga.

The special election is scheduled on Aug. 29, with the campaign period set from July 30 to Aug. 27.

Mining Marshals, Ankpa Traditional Council Join Forces to End Illegal Coal Mining

In a decisive move to tackle illegal coal mining and promote responsible exploitation of mineral resources, the Nigeria Security and Civil Defence Corps (NSCDC) Mining Marshals have entered into a partnership with the Ankpa Traditional Council to ensure that mining activities in Ankpa Local Government Area of Kogi State are conducted within the ambit of the law.

The resolution was reached during a courtesy visit by the Commander of the NSCDC Mining Marshals, Assistant Commandant of Corps (ACC) John Onoja Attah, to the palace of the Ejeh of Ankpa and Chairman of the Ankpa Traditional Council, His Royal Highness, Alhaji Abubakar Yakubu Ahmed.

Speaking during the visit, Onoja conveyed the goodwill of the Minister of Solid Minerals Development, Dr. Dele Alake, and the Commandant General of the NSCDC, Professor Ahmed Abubakar Audi, urging the people of Ankpa to embrace legitimate mining by partnering only with duly licensed mining companies.

He advised host communities to take advantage of the Federal Government’s regulatory framework by reporting any licensed mining company that fails to comply with its Community Development Agreement (CDA), assuring them that such complaints would receive prompt attention from the appropriate authorities.

According to him, the vast coal deposits and other mineral resources in Ankpa should serve as a source of economic prosperity rather than fuel environmental degradation, insecurity and the needless loss of lives.

‘The mineral resources with which Ankpa has been blessed should not become a curse to the people. Following our engagement with the traditional council, anyone who continues to engage in illegal mining will be sanctioned in accordance with the provisions of the law,’ he said.

Onoja expressed concern over the increasing fatalities associated with unregulated mining activities, stressing that the Mining Marshals would no longer tolerate unsafe mining practices that endanger the lives of young people in the area.

He reaffirmed the commitment of the Mining Marshals to sanitising the nation’s mining sector through sustained enforcement of the Nigerian Minerals and Mining Act while strengthening collaboration with traditional institutions and host communities.

Responding, the Ejeh of Ankpa commended the Minister of Solid Minerals Development and the NSCDC Commandant General for their prompt intervention in addressing the concerns of the people over illegal mining activities in the area.

The monarch pledged the full support of the Ankpa Traditional Council towards the actualisation of what he described as ‘safe mining’, noting that a well-regulated mining sector would create employment opportunities for youths while protecting lives and the environment.

He declared zero tolerance for illegal and unregulated mining, assuring the Federal Government that the traditional institution would work closely with the Mining Marshals and other relevant authorities to ensure that mining activities in Ankpa are conducted in line with extant laws.

The meeting ended with both parties reaffirming their commitment to sustained collaboration aimed at eliminating illegal mining, protecting host communities and ensuring that the mineral wealth of Ankpa contributes meaningfully to the socio-economic development of Kogi State and Nigeria at large.