Category: Daily Financial Times

Sri Lanka Insurance Life (SLICLL), reinforcing its position as the country’s strongest and most trusted life insurer, has once again set an industry benchmark by declaring an unprecedented Rs. 14.68 billion bonus to its policyholders for the year 2025, the highest annual life insurance bonus declared in the Sri Lankan life insurance industry.

This brings the cumulative bonus paid to policyholders since 2006 to an outstanding Rs. 131.28 billion, extending Sri Lanka Insurance Life’s unmatched record of declaring the industry’s highest bonus year after year.

In a year marked by evolving economic dynamics, Sri Lanka Insurance Life demonstrated remarkable resilience and financial strength. At the end of 2025, the Company’s total asset base stood at Rs. 275 billion, while its Life Fund grew to Rs. 247 billion, maintaining its position as the largest in the industry. Throughout the year, the Company settled an average of over Rs. 1.35 billion in maturity and claims every month amounting to approximately Rs. 16.2 billion annually in addition to the annual bonus declared. These achievements reflect the Company’s prudent investment management, financial stability, and unwavering commitment to safeguarding the interests of its policyholders.

With a legacy spanning over six decades, Sri Lanka Insurance Life has consistently delivered on its promises, earning the trust of generations of Sri Lankans. Against a backdrop of evolving market and economic dynamics, the Company recorded another year of strong financial performance in 2025, reporting a Profit Before Tax of Rs. 4.3 billion. Gross Written Premium (GWP) increased to Rs. 32.6 billion, reflecting a strong 24% year-on-year growth, while New Business Premium Income reached Rs. 7.56 billion, recording an outstanding 42% growth.

Customer centricity remains at the heart of Sri Lanka Insurance Life’s strategy, driving the organisation’s continuous efforts to enhance service standards and elevate the customer experience. Through ongoing investments in digital innovation and process improvements, Sri Lanka Insurance Life continues to make insurance more accessible, convenient and responsive, ensuring customers receive the highest standards of service throughout their journey. Complementing this commitment, the enhanced Life Loyalty Rewards program offers policyholders an extensive range of exclusive benefits and lifestyle privileges, reinforcing the SLIC Life’s focus on delivering value beyond insurance.

Guided by its brand promise, ‘Like a Father, Like a Mother’, Sri Lanka Insurance Life continues to make a lasting impact beyond insurance through initiatives that strengthen communities across the country. Since its inception in 2007, the ‘Pasal Piriyatha Surakimu’ programme has benefitted over 3,365 underprivileged schools through classroom refurbishments, water facilities, libraries and other essential learning resources. Complementing this effort, the ‘Suba Pathum Scholarship Program’, launched in 2014, has awarded over 2,200 scholarships worth more than Rs. 240 million to children excelling at national examinations, including 225 scholarships awarded in 2025. The Company also marked the fourth consecutive year of its World Children’s Day initiative in 2025 by extending complimentary life insurance cover to parents of newborns across the country. In recognition of its continued contribution to nation building through education focused initiatives, Sri Lanka Insurance Life was honoured with the ‘Support and Improvement in Quality of Education’ award under the Excellence in CSR category at the Sri Lanka Leadership Awards 2025.

This year’s record bonus declaration reflects the Company’s enduring promise of ‘Trust That Goes Beyond Measures’, a commitment built on financial strength, consistency and unwavering dedication to policyholders. Backed by the industry’s strongest financial foundation and sustained business growth, Sri Lanka Insurance Life remains committed to creating long-term value while continuing to lead the Sri Lankan life insurance industry with strength, trust and purpose.

Novak Djokovic produced an astonishing performance to beat Felix Auger-Aliassime in a five-set thriller lasting over five hours to set up a blockbuster Wimbledon semi-final against defending champion Jannik Sinner.

It was the longest-ever quarterfinal at Wimbledon.

Bidding for a record 25th Grand Slam title, having been tied with Margaret Court since the 2023 US Open, it seemed like Djokovic’s latest bid was on the brink when he pulled up with a leg injury in the first set.

But a medical time-out and a massage appeared to solve the problem and the 39-year-old was still fighting hard four sets later against third seed Auger-Aliassime.

After entertaining a packed Centre Court for five hours and 15 minutes, it was Djokovic who stood with his arms aloft in triumph after a 7-6 (12-10) 3-6 6-3 6-7 (4-7) 7-6 (10-4) victory.

The Bank of Ceylon (BOC) has taken another significant step in advancing financial inclusion by introducing BOC Flex and Lanka QR payment solutions to entrepreneurs from Sri Lanka’s indigenous community in Dambana, enabling them to embrace the country’s growing digital economy while preserving their rich cultural heritage.

As the nation’s trusted banking partner, BOC continues to reaffirm its commitment to ensuring that every Sri Lankan, regardless of location or background, has access to secure, convenient, and innovative financial services. The initiative reflects the Bank’s vision of creating opportunities that empower communities and contribute to sustainable economic development.

For generations, the indigenous community of Dambana has relied on traditional livelihoods, including beekeeping, forest-based products, and handcrafted herbal items. However, limited access to modern banking services and wider markets has often restricted their economic potential.

Recognising these challenges, BOC introduced digital payment solutions that allow entrepreneurs to accept payments instantly through Lanka QR, with funds credited directly to their Bank of Ceylon accounts. This eliminates the need to handle cash, provide change, or face payment-related inconveniences, while offering customers a fast, secure, and seamless payment experience.

The initiative becomes even more meaningful as movement within forest areas has increasingly been affected by wildlife-related challenges. By enabling digital transactions, BOC helps bridge the gap between these entrepreneurs and customers, creating new opportunities for business growth, financial security, and wider market access.

The indigenous entrepreneurs recently showcased their unique products at the BOC SME Trade Fair held at Dutch Hospital, Colombo. As part of its commitment to empowering small entrepreneurs, the Bank provided them with exhibition space free of charge, enabling them to promote and market their products to a wider audience. Visitors also experienced the convenience of making purchases through Lanka QR, demonstrating how traditional craftsmanship and modern digital banking can work together to create sustainable livelihoods while preserving Sri Lanka’s unique cultural identity.

Beyond introducing a payment solution, this initiative represents BOC’s broader commitment to building an inclusive financial ecosystem where every community can participate in the nation’s digital transformation journey. By combining technology with purpose, the Bank continues to create pathways for economic empowerment, ensuring that no Sri Lankan is left behind.

Through initiatives such as these, Bank of Ceylon continues to live its promise as the ‘Bankers to the Nation,’ connecting people, empowering businesses, and driving inclusive growth across Sri Lanka, where centuries-old traditions and cutting-edge digital innovation come together to build a stronger future for generations to come.

A total of 900 Ghanaians who have registered with the Ghana High Commission in Pretoria are expected to be evacuated soon following violent anti-immigrant demonstrations in South Africa, which left one Ghanaian national dead.

While government is yet to announce the date for the evacuation, Ghana’s High Commissioner to South Africa, Benjamin Quashie, has assured that it will prioritise Ghanaian nationals to ensure they arrive safely when evacuation begins.

Commenting on the fatal shooting of Bashiru Isak, 40, in Khayelitsha, Cape Town on June 30, 2026, Mr. Quarshie indicated that the key witness in the murder has gone into hiding over fears for his life, complicating efforts to prosecute those responsible.

According to Mr. Quashie, the witness, a Zimbabwean national who had been working alongside the deceased when the incident occurred, has refused to cooperate with investigators out of fear he would be targeted if he testified.

The High Commissioner said the witness is considered crucial to establishing the circumstances surrounding the killing.

‘Fortunately, one gentleman, a Zimbabwean who was working with the deceased, was in the shop when the incident happened. We have been told that he is the person we are looking for to become a state witness in the case,’ Mr. Quashie said.

‘He has also absconded. We’ve tried reaching him, and he has told us that if he comes to testify, he knows his life will be in danger,’ he added.

Mr. Quashie disclosed that lawyers at the Ghana High Commission are in the process of securing witness protection for the man, so he can testify in court.

‘The lawyers from the High Commission are working hard with the courts in South Africa so that he can be placed under witness protection and be able to corroborate what happened on that very day,’ he stated.

The High Commissioner explained that investigations into the killing have been challenging because many Ghanaians living in Cape Town are reluctant to provide information due to fears for their safety. ‘When the murder happened, because the High Commission is in Pretoria, we quickly dispatched officers to establish the facts. We found it difficult to get information because many Ghanaians in Cape Town were afraid to come forward,’ he said.

The Government of Ghana on Wednesday, May 27, 2026, received the first batch of Ghanaian nationals evacuated from South Africa due to the recent xenophobic attacks.

The evacuees were received on arrival by the Chief of Staff, Julius Debrah, the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa (MP), the Deputy Minister for Foreign Affairs, James Gyakye Quayson (MP) and senior government officials.

The Chief of Staff assured the evacuees of government’s unwavering commitment to protecting all Ghanaian nationals. He stated that government considered it prudent to ensure their safety by evacuating them due to the challenging environment they found themselves. He further reiterated government’s commitment to supporting all evacuees to facilitate their reintegration.

The Ghana Police Service has arrested Eric Afoakwa, also known as ‘Chad’, a convicted fraudster who had been on the run for six years after being sentenced to prison for multiple financial offences.

Afoakwa was convicted in absentia in 2019 by an Accra High Court, presided over by Justice Georgina Mensah Datsa. He was found guilty on five out of six counts, including money laundering, defrauding by false pretences, and forgery of official documents.

The court sentenced him to eight years imprisonment on each count, to run concurrently. He was also ordered to refund $132,660.00 to the complainant.

Following the judgment, Afoakwa went into hiding and was subsequently declared wanted by the Economic and Organised Crime Office (EOCO), which had appealed to the public for information on his whereabouts.

On July 6, 2026, acting on the directive of the Inspector General of Police, a team from the Anti-Armed Robbery Unit arrested the convict as he was preparing to leave the country. Police say Afoakwa will be handed over to EOCO to continue the enforcement of the court’s judgment.

Pan Asia Bank which is one of the largest remittance B2B providers in Sri Lanka, successfully launched its new ‘Remit Max’ product suite at a grand ceremony on 3 July 2026, at Epitom Hotel, Kurunegala, reflecting its commitment to strengthening Sri Lanka’s formal inward remittance ecosystem while delivering innovative financial solutions tailored specifically for migrant workers and their families.

The launch ceremony was attended by the Pan Asia Bank Chairman, Director/CEO, members of the Corporate Management team, senior officials representing the Sri Lanka Bureau of Foreign Employment (SLBFE), including the Additional General Manager and the Centre Manager of the Kurunegala Centre, together with owners, directors, partners and proprietors of many leading licensed Foreign Employment Agencies operating across the Kurunegala and Dambulla regions.

The highlight of the evening was the official unveiling of the ‘Remit Max’ brand identity and logo, followed by the launch of two innovative financial products developed exclusively for the migrant worker segment: the ‘Remit Max Savings Account’ and the ‘Remit Max Pre-Departure Loan Facility’. The ‘Remit Max Savings Account’ has been specially designed for Sri Lankan migrant workers and their beneficiaries, with the objective of encouraging formal inward remittances, promoting disciplined savings habits, strengthening long-term customer relationships and enhancing financial security for migrant families. The account offers a range of exclusive value-added benefits and privileges that distinguish it from conventional savings products currently available in the market.

Complementing the savings proposition, the Bank also introduced the ‘Remit Max Pre-Departure Loan Facility’, a dedicated financing solution created to support individuals preparing to seek overseas employment. The facility is designed to ease the financial burden associated with pre-departure expenses such as agency fees, documentation costs, medical examinations, visa processing charges, travel arrangements and other essential requirements that aspiring migrant workers typically encounter prior to departure.

Together, the two products have been designed after careful evaluation of the complete financial life cycle of migrant workers (from the preparation stage before overseas employment, through the remittance earning period abroad, to building long-term financial stability for themselves and their families upon their return). The solutions incorporate several unique features and benefits that are not commonly available through competing products currently offered in the banking industry, positioning ‘Remit Max’ as a distinctive and comprehensive financial proposition for Sri Lanka’s migrant worker community.

Pan Asia Bank Chief Manager – Consumer Credit Dhanushka Sapugasthanna presented the eligibility criteria, features and operational aspects of the Remit Max Pre-Departure Loan Facility, enabling participants to gain a comprehensive understanding of the products and the value they offer to migrant workers and their families. The formal presentations were followed by an engaging and interactive question-and-answer session, during which representatives of participating Foreign Employment Agencies sought clarifications relating to product features, operational procedures and customer onboarding processes. Officials representing both Pan Asia Bank and the Sri Lanka Bureau of Foreign Employment responded to the queries. Guests shared positive feedback on the ‘Remit Max’ proposition, discussed future opportunities for collaboration and commended the Bank’s initiative to develop specialised financial solutions dedicated to Sri Lanka’s migrant worker community.

Director/CEO Naleen Edirisinghe said: ‘Foreign remittances continue to remain one of Sri Lanka’s most important sources of foreign exchange earnings and have played an indispensable role in strengthening the country’s economic resilience over the years. As a truly Sri Lankan bank, we believe migrant workers deserve financial solutions that recognise their contribution and support them throughout their entire journey. ‘Remit Max’ represents a strategic evolution of our remittance business and reflects our commitment to creating a holistic ecosystem that delivers meaningful value to migrant workers and their families rather than simply facilitating transactions.’

Chairman Aravinda Perera said: ‘While Pan Asia Bank is a relatively new participant in Sri Lanka’s remittance sector, we chose to enter the market with purpose rather than speed: investing time to understand the needs of migrant workers and their families, build the right capabilities and create solutions that deliver meaningful value. Remit Max is the outcome of that journey and reflects our commitment to supporting Sri Lankan migrant workers throughout their entire financial life cycle.’

Following the keynote address, participants were presented with comprehensive product briefings conducted by the Assistant General Manager – Deposit Mobilisation and Customer Experience, Buddhika Perera who introduced the features and benefits of the Remit Max Savings Account.

”Remit Max’ enables customers not only to receive and save remittances but also to access financial assistance even before commencing overseas employment. These solutions advance financial inclusion by delivering customer-centric products that genuinely address the evolving needs of Sri Lankan communities,’ he explained.

At an MWC Shanghai roundtable on scams and fraud across China and APAC, Sri Lanka’s Digital Economy Deputy Minister Eng. Eranga Weeraratne put a specific, mechanical ask to GSMA – and a blunter admission than the room expected.

A year ago, Sri Lanka would have joined a conversation about scams and fraud as a consumer-protection story – a country worried about its own citizens being targeted. At MWC Shanghai’s roundtable on safeguarding digital trust, Deputy Minister Eranga Weeraratne arrived instead with what he called a harder, more uncomfortable vantage point. As enforcement has tightened across parts of Southeast Asia, organised scam operations have begun relocating to Sri Lanka. In the first months of this year, police removed well over a thousand foreign nationals from scam operations on Sri Lankan soil – more than the previous two years combined.

That statistic, he told the room, is the clearest evidence yet that scams are not a problem any single country can legislate its way out of. Pressure in one jurisdiction simply pushes the operation to the next one with good connectivity and, often, softer enforcement. ‘Scams are not a national problem with national solutions. They are a displacement problem,’ he added.

The Deputy Minister was specific about direction – a distinction he said is easy to miss in a regional conversation. Scam operations physically based on Sri Lankan soil are overwhelmingly targeting victims outside the country. At the same time, Sri Lankan citizens are being targeted by scam operations based abroad. Perpetrator, victim, and enforcement jurisdiction, in other words, rarely sit in the same country – which is exactly why he argued individual nations acting alone will keep losing ground, and why regional collaboration on intelligence sharing, technological support, joint capacity-building for investigators, and coordinated law-enforcement operations has to move from aspiration to infrastructure.

Over 1,000 foreign nationals removed from scam operations on Sri Lankan soil so far this year – more than the previous two years combined.

The displacement runs in two directions

The Egyptian Football Association has demanded an investigation into the officiating team after a series of controversial decisions during Egypt’s dramatic 3-2 Round of 16 defeat to Argentina at the 2026 FIFA World Cup.

Egypt’s World Cup campaign ended in the Round of 16 after they lost 3-2 to defending champions Argentina in Atlanta on Tuesday, despite leading 2-0 for the first 79 minutes of the game. The match has since sparked debate over several refereeing decisions.

The first major flashpoint came when Mostafa Zico had a goal ruled out following a VAR review, with referee Francois Letexier ruling there had been a foul on Lisandro Martinez earlier in the build-up.

Later, with the match level, Egypt appealed for a penalty after Julian Alvarez’s challenge on Mo Salah. Moments later, Egypt also claimed Alexis Mac Allister fouled Hamdi Fathy in the build-up to Enzo Fernandez’s winning goal.

Egypt argues the incidents were handled inconsistently, with the foul that led to its disallowed goal reviewed and penalised, while play continued without a VAR review before Argentina’s winning goal.

Following the match, Hany Abo Rida, president of the Egyptian Football Association, submitted a formal complaint to FIFA requesting a full investigation into the situation.

According to the federation, the complaint alleges that serious refereeing mistakes directly contributed to Egypt’s elimination from the tournament.

The Egyptian FA has also requested an investigation into referee Francois Letexier, his on-field assistants and the VAR team, and has asked FIFA to remove the officiating crew from the remainder of the tournament pending the outcome of that investigation.

In its statement, the federation praised the Egyptian players’ performance against the defending champions, describing them as ‘heroes’, while apologising to supporters for failing to hold onto their lead.

Dancehall artiste, Stonebwoy has paid tribute to musician Samini, saying he will always remain grateful for the role the award-winning artiste played in shaping his music career.

Speaking during a live TikTok session, Stonebwoy recalled how Samini discovered him while he was still in Senior High School (SHS) and promised to work with him after he completed his education.

According to the BHIM Nation president, Samini fulfilled that promise by taking him into his team after school and treating him like family.

Stonebwoy said that experience created a lifelong bond between them, which is why he continues to refer to Samini as his big brother.

The musician stated that his admiration and respect for Samini are unwavering, insisting that nothing could ever make him dislike the veteran dancehall star.

‘He took me in after I completed SHS and treated me like his younger brother. That’s why I call him my big brother. There is nothing he can do that will make me hate him,’ Stonebwoy said.

Stonebwoy began his music journey under Samini’s guidance in the mid-2000s, during which he gained valuable industry experience and developed his talent.

He later launched his own record label, BHIM Nation, and established himself as one of Ghana’s biggest music stars.

Although the two artistes have had disagreements over the years, they have since reconciled and publicly acknowledged the impact they have had on each other’s careers.

Mobile Money Fintech Ltd has announced a nationwide campaign to onboard all commercial drivers onto the MoMo merchant network, as part of efforts to push Ghana’s transport sector toward digital payments.

Chief Executive Officer (CEO) of Mobile Money Fintech Ltd. Shaibu Haruna, made the announcement during a meeting with transport operators. The company is partnering with the Digital Transport Workers Union to drive the initiative, citing the Union’s reach and organisation.

Under the new system, passengers will pay fares by scanning a GHQR code on the driver’s dashboard using the MoMo App or any app that accepts GHQR.

‘They pay the exact fare from their phone to yours. No change. No arguments. No stopping in traffic,’ Mr. Haruna said. ‘For long-haul drivers: you no longer carry large cash that makes you a target. Your money sits safely in your MoMo account.’

He said pragya and tricycle riders will also benefit from going cashless.

To encourage adoption, MobileMoney Fintech is introducing reward points for drivers who sign up and use the service consistently. The points can be redeemed for fuel vouchers and vehicle-maintenance vouchers.

‘We know changing habits is hard. So we are making it worthwhile. Keep using it every month, and you earn more points. We are rewarding consistency, not a one-day spike,’ Mr. Haruna said.

Top-performing drivers each month will also receive a vehicle upgrade package. Drivers were urged to register immediately at onboarding stations set up at the event to receive their GHQR code, sticker, and decal.

Mr. Haruna called on union leaders to champion the campaign across the country. ‘Take this message back to your members. Share it at your stations. We will work alongside you to reach every corner,’ he said.

Chief Executive of GhIPSS, Clara Arthur, said the initiative will enable ride-hailing, haulage, and pragya drivers to receive payments conveniently and securely using GHQR.

She noted GHQR connects banks, mobile money operators, and fintechs, making digital payments more inclusive, and urged drivers to embrace the campaign to serve more customers and separate business from personal finances.