New active credit cards increased to 10,540 in January 2025
- CNL Reporter
- March 18, 2025
- Banking and Financial
- New active credit cards
- 0 Comments
New active credit cards in Sri Lanka increased by 10,540 in January this year, the central bank data showed, amid economic recovery and local banks promoting them along with the key fast moving consumer goods (FMCG) vendors backed by falling interest rates.
The number of active credit cards recorded 2,018,996 by end January, compared to 2,008,456 by end December last year, showing an increase of 0.5 percent.Active credit cards in Sri Lanka rose by 4.8 percent or 91,371 in 2024, the latest Central Bank data showed, with the island nation’s economic recovery and strong promotions for credit cards amid falling interest rates.
The number of active credit cards has increased by 19,076 in December 2024.Analysts said most banks have tied up with super markets and other vendors to promote credit cards in the falling interest rate regime as the country’s economy has shown more-than-expected recovery.
Analysts said Sri Lanka’s economic recovery and stability have helped customers to use more credit cards than in 2023.Some analysts said higher interest (penalty) rates on credit cards also had prompted some users to cancel their cards in the last year and the same customers might be actively using the cards now.
