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IMF Highlights Sri Lanka’s GovPay Platform as a Catalyst for Enhancing Public Sector Efficiency and Fiscal Governance
Oct 16, 202611:02 AM
Sri Lanka’s rapidly expanding digital payments ecosystem has gained international recognition for its pivotal role in improving public service delivery, fostering financial inclusion, and strengthening national fiscal governance. In its flagship report, “Shaping the Future of Asia: Opportunities and Challenges,” the International Monetary Fund (IMF) highlighted Sri Lanka’s centralized GovPay platform as a standout model for modernizing government operations and bolstering transparency across public administration.
Operating over the LankaPay Online Payment Platform, GovPay seamlessly integrates government agencies into Sri Lanka’s national instant payment network, the Common Electronic Fund Transfer Switch (CEFTS). The IMF emphasized that the platform holds substantial potential to transform public revenue collection by minimizing cash handling, eliminating the need for in-person transactions, and significantly reducing administrative overhead costs. Furthermore, the report underscores GovPay's capacity to boost banking sector liquidity by drawing unbanked physical currency into formal, regulated financial channels.
