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Credit Card Market Performance (Feb 2026)
Comparison of different card types and total market growth.
Primary Sources
Sri Lanka Credit Card Base Expands Amid Steady Consumer Demand
Sri Lanka’s credit card base recorded a modest expansion in February, with active cards rising 1.3% to 2,193,380 from 2,166,186 in December 2025, according to latest data. Growth was driven by globally accepted cards, which increased 1.3% to 2,184,600, while locally accepted cards declined 1.5% to 8,780. Outstanding balances edged up 0.5% to Rs. 190.65 billion. Globally accepted card balances rose 0.6%, while local card balances saw marginal growth. The trend indicates steady consumer demand for credit, with no significant surge in leverage, reflecting a stable retail credit environment.
Sri Lanka: Motor Insurance Credit Tightened, Digital Cards Mandated
Sri Lanka’s Insurance Regulatory Commission has issued a series of sweeping directives aimed at modernizing the general insurance sector, curbing unauthorized brokering, and tightening financial discipline across the industry. Tighter credit terms for motor insurance (Direction No. 5 of 2026): Under the new rules, general insurance companies may grant a credit period to policyholders to settle their full motor insurance premiums, but this window is now strictly capped at a maximum of 30 days from the inception of the cover. This mandate will take effect for all policies issued on or after May 1, 2026. Digital-only insurance cards (Direction No. 06 of 2026): The commission is pushing the sector into the digital age to align with national digitalization goals and strengthen public security. All licensed insurers engaged in motor insurance must transition to issuing only digital motor insurance cards to their policyholders. The regulator has outright banned the issuance of traditional physical cards, with the digital-only mandate also coming into force on May 1, 2026. Curbing unauthorized brokering by financial institutions (Direction No. 4 of 2026): The commission observed that banks, finance companies, and leasing companies were acting as insurance brokers and agents for their customers without being properly registered under the Regulation of Insurance Industry Act. The new directive mandates that insurers can only accept business leads from these institutions through registered insurance brokers. Additional prohibitions: Insurers are now prohibited from providing insurance proposal forms or cover notes directly to financial institutions. They are also banned from paying any form of consideration — whether monetary or otherwise — directly to these institutions and are strictly prohibited from accepting insurance premiums directly from them. To prevent market monopolization, a single broker is now restricted to serving a maximum of three financial institutions at any given time. These sweeping changes governing financial institutions and the general insurance business will come into full effect on October 1, 2026.
Sri Lanka Credit Card Base Expands Amid Steady Consumer ...
... card base recorded a modest expansion in February, with active cards ... 2026, according to the latest data of the Central Bank of Sri Lanka. The ...
Sri Lanka Credit Card Base Expands Amid Steady Consumer ...
Sri Lanka Credit Card Base Expands Amid Steady Consumer Demand Sri Lanka's credit card base recorded a modest expansion in February, with active cards...
