In a move to accelerate Sri Lanka’s shift toward a cashless economy, the Central Bank of Sri Lanka (CBSL) has unveiled reforms to the common electronic fund transfer switch (CEFTS), introducing fee caps and transaction limits designed to promote digital payment adoption.

The new regulations outlined in Payment and Settlement Systems Circular No. 02 of 2025, aim to streamline digital transactions while making them more affordable for businesses and consumers alike. Under the revised framework, CEFTS transactions will now be capped at Rs. 5 million per transfer.

However, higher limits have been strategically allocated for critical government payments, with Sri Lanka Customs permitted transactions up to Rs. 20 billion and the Inland Revenue Department (IRD) allowed up to Rs. 10 billion through the LankaPay Online Payment Platform (LPOPP).

In a bid to enhance affordability, CBSL has imposed fee ceilings across all digital channels. Transactions conducted via internet banking, mobile banking, and ATMs within the CEFTS network will now carry a maximum fee of Rs. 25 per transaction.

Over-the-counter and off-network ATM transfers will be capped at Rs. 100, while payments made through LPOPP, including tax payments to the IRD, will not exceed Rs. 25. The government’s GovPay platform will maintain its low transaction fee of Rs. 15, ensuring cost-effective digital solutions for public services.

These measures, set to take effect on 15 February, replace the previous directive issued in December 2020.