Peoples Bank

Name

Peoples Bank

Legal name

People's Bank

Website

https://peoplesbank.lk

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), General SME & Middle-Market Commercial Banking (FSABABAA), Customer Experience & Engagement (CRM, Support, Rewards, Loyalty) (FSAGAAAM), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

Keywords

• Retail banking services
• Commercial banking products
• Digital banking platforms
• SME microfinance lending
• Foreign remittance services

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Interest earned on loans and advances minus interest paid on deposits. Core banking revenue stream with net interest income of LKR 142.4 billion growing 32.8% year-on-year.
2. Fee and Commission Income: Fees from banking services including account maintenance, transactions, card services, trade services, and foreign exchange operations. Net fees and commissions of LKR 3.8 billion with 14.7% growth.
3. Investment Banking Services: Debenture issuance structuring and execution, IPO management, debt restructuring advisory. PBIBU has managed 33 debenture listings and one equity IPO, mobilizing over Rs. 225 billion.
4. Digital Banking Services: Revenue from digital transaction processing, card transactions, and electronic payment services through People's Wave, People's Pay, and internet banking platforms serving over 4 million digital subscribers.

Pricing tiers

Go-to-market motion1 record

Distribution channels11 records

Marketing channels11 records

Core offering

People's Bank is Sri Lanka's largest state-owned commercial bank offering a full suite of retail and corporate banking services through 750+ branches, including deposits, personal and business loans, debit/credit cards, digital banking platforms (People's Wave mobile app, People's Pay wallet, internet banking), foreign remittance, treasury and trade finance, and investment banking services. The bank serves 15.2 million customers, including individuals, MSMEs, large corporates, and government entities, with a leading digital subscriber base of 4 million+.

Product overview

People's Bank is a state-owned commercial bank in Sri Lanka offering a unified banking platform with a comprehensive suite of financial products and services. The core digital banking ecosystem includes People's Wave (mobile banking app with 2.3M+ downloads), People's Pay (mobile wallet), Internet Banking (personal and corporate), and LankaPay Debit Cards (national card scheme). The bank's lending portfolio spans housing, vehicle, educational, professional, and SME loans, with the People's Spark Programme supporting graduate entrepreneurship. Additional services include foreign remittance, treasury/investment banking, safe deposit lockers, and over 280 Self-Banking Units. The bank serves 15.2+ million customers through 750+ branches across Sri Lanka.

Differentiator

Problem solved

Functional benefit

Brands

• People's Wave: Mobile banking application for retail customers, one of the most downloaded banking apps in Sri Lanka with over 2.3 million downloads
• People's Pay
• People's Wyn
• People's Remittance Tracker
• People's Spark
• Mahajana Mehewara
• BizTeens Challenge
• Sisu Udana
• Vanitha Vasana
• YES Cash Carnival
• People's Tower

Products and services

• People's Wave Mobile Banking App Mobile banking application providing balance inquiries, loans, credit cards, bill payments, fund transfers, transaction history, and pawning inquiries. Available on Android, iOS, and Huawei devices with over 2.3 million downloads.
• People's Pay Mobile Wallet Digital mobile wallet enabling cashless transactions and payments via smartphone; Gold Partner for the Government Pay initiative.
• Internet Banking Personal Online banking platform for personal customers to manage accounts, conduct transactions, and access banking services via web browser.
• Internet Banking Corporate Online banking platform for corporate and business customers with advanced transaction capabilities and multi-user access.
• Mobile Banking Corporate Mobile banking application designed for corporate customers to manage business banking needs on smartphones.
• LankaPay Debit Card National card scheme debit card under LankaPay with dual issuer-acquirer functionality including a stored value element and transit card capability for expressway tolls; accepted at over 42,000 POS terminals with an LKR 15 ATM withdrawal fee.
• People's Remittance Tracker App Innovative mobile application to simplify remittance tracking and offer user-friendly experience for customers receiving foreign worker remittances.
• Credit Cards Range of credit card products including affinity cards for institutions like Bandaranayake College, with special partner benefits through Dialog Axiata and Visa corporate cards for government departments.
• Debit Cards Debit card products linked to customer accounts for ATM withdrawals and POS transactions across the bank's network and partner schemes.
• Merchant Services Payment processing and merchant acquiring services including POS terminal deployment across 42,000+ merchants with reduced MDR of 1% for SME merchants.
• Housing Loans Home financing products for purchasing, constructing, or renovating residential properties.
• Vehicle Loans Financing solutions for vehicle purchases including cars and other motor vehicles.
• Educational Loans Student financing products for covering tuition and education-related expenses.
• Professional Loans Banking facilities designed for professionals such as doctors, lawyers, and architects.
• Quick & Easy Loans Expedited personal loan products with streamlined application processes.
• SME Loans Financing solutions for small and medium enterprises including export hubs providing pre-shipment and post-shipment facilities.
• Microfinance Loans Small-scale financing for micro entrepreneurs and underserved business sectors.
• People's Spark Programme Entrepreneurship development program offering guidance, loan schemes (People's Spark Loan), and feedback mechanisms for graduates to start their own enterprises.
• Corporate Banking Tailored financial solutions for corporate sector clients including specialized lending, cash management, trade finance, treasury, and investment banking services.
• Commercial Credit Commercial sector financing with customized solutions for business entities across various industries.
• Savings Accounts (including Sisu Udana and Vanitha Vasana) Range of savings accounts including children's savings (Sisu Udana since 1996) and women's savings (Vanitha Vasana since 1993) with special benefits.
• Current Accounts Business and personal current account facilities with cheque book access.
• Foreign Currency Accounts Foreign currency deposit accounts for individuals and businesses dealing with international transactions.
• Term Deposits Fixed deposit products with various maturity periods and competitive interest rates.
• People's Remittance Services Foreign worker remittance services including Vaasi Kotiyai promotional draws and a correspondent agent network facilitating inward transfers from countries including Russia.
• Treasury Services Treasury operations including foreign exchange, money market, primary dealer unit, and investment banking services such as debenture issuance structuring, IPO management, and debt restructuring advisory.
• Safe Deposit Lockers Secure storage facilities for customer valuables at bank branches.
• Self-Banking Units (SBU) 24/7 automated banking units allowing cash withdrawals and deposits without branch staff. Over 280 units across Sri Lanka.
• SME Credit Card Corporate card product tailored for SME customers, launched during the Entrepreneurial Glory 2025 MSME trade fair.
• People's YES TEEN Account Teen banking solution for teenagers aged 13-18 featuring a branded debit card with daily transaction limit up to Rs. 20,000 and access to digital banking facilities.

Quantifiable outcome

• LKR 4.0 trillion in total assets, making People's Bank one of Sri Lanka's largest financial institutions
• +5 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

15 partnerships are on record, tiered core and minor.

• UnionPay InternationalcoreStrategic or Co-development Partner · 1 December 2025People's Bank signed MoU with UnionPay International to introduce National Cards in Sri Lanka. This partnership enables the bank to issue cards that can be accepted globally through UnionPay's extensive network while supporting national payment infrastructure development.
• Industrial Development Board (IDB) of Sri LankacoreStrategic or Co-development Partner · 1 January 2025Joint launch of 'BizTeens Challenge 2025' - island-wide entrepreneurship program for school children aged 11-18 years. Builds on IDB's existing 590 school-based entrepreneurship circles with 1,000+ trained teachers and 30,000+ student members.
• Dialog Axiata PLCminorGTM or Marketing Partner · 26 July 2024Strategic partnership offering exclusive discounts on mobile phones, accessories, Dialog Home Broadband, and Dialog Television services to People's Bank credit cardholders. Enhanced digital accessibility through affordable technology offerings.
• International Finance Corporation (IFC)coreStrategic or Co-development Partner · 1 January 2024Collaboration to strengthen financial awareness and literacy of MSMEs and women entrepreneurs through customer awareness programs conducted in multiple districts including Anuradhapura, Polonnaruwa, Kegalle, Puttalam, Kurunegala, Kalutara, and Colombo.
• LankaPaycoreStrategic or Co-development Partner · 1 March 2023People's Bank became first bank in Sri Lanka to simultaneously fulfill issuer and acquirer functionalities of LankaPay Debit cards under the National Card Scheme. Partnership enables lowest ATM fees (LKR 15), POS transactions at 42,000+ terminals, and dual-function cards with stored value and transit capabilities.
• Sarvodaya FusionminorStrategic or Co-development Partner · 1 January 2023Partnership for 'Empowering Tomorrow's Innovators: Youth Tech Skill Development Project' implementing technology education programs for youth through the Mahajana Mehewara CSR initiative.
• JCB InternationalcoreTechnology or IntegrationInternational Card Scheme partnership through LankaPay enabling LankaPay Debit cards to be accepted overseas through JCB's global network covering China, India, Indonesia, Thailand with over 150 million cardholders and 41 million merchant points.
• National Investment Industrial Bank of RussiaminorChannel Partner/ Reseller/ DistributorNovel remittance mechanism enabling efficient fund transfers from Russia to Sri Lanka. Russian tourists can remit funds prior to visits and receive debit cards for seamless payments using People's Bank's 818 ATMs, 315 CDMs, and 743 branches.
• Export BahrainminorStrategic or Co-development PartnerSME export sector development partnership enabling local SMEs to capture global export markets through Export Hubs providing pre-shipment and post-shipment facilities, advisory services, and special online banking services.
• Ministry of Transport, Highways and Urban DevelopmentcoreStrategic or Co-development PartnerPartnership to introduce digital ticketing solution for Sri Lanka Transport Board (SLTB) buses as part of government's digital transformation agenda. Pilot implemented on Makumbura-Galle and Makumbura-Embilipitiya routes.
• Central Bank of Sri LankacoreStrategic or Co-development PartnerPartnership for transit card national initiative enabling commuters to pay transport fares by tapping cards on ticket machines. Collaboration with Ministry of Transport, NTC, SLTB, and LankaPay.
• Manusath DeranaminorStrategic or Co-development PartnerCSR partnership for solar power installation at seven under-resourced schools in rural areas under the Mahajana Mehewara program, powering schools including Meemure Galamuduna Junior School and others.
• Sri Lanka ArmyminorStrategic or Co-development PartnerConstruction support partnership where army troops built a house for a needy family in Rambukkana as part of the bank's 62nd anniversary celebrations, funded by People's Bank Buddhist Society.
• 1990 Suwa Seriya FoundationminorOthersSponsorship of 1990 Suwa Seriya Ambulance under 'Adopt an Ambulance' initiative as part of corporate social responsibility program Mahajana Mehewara.
• Department of Posts Sri LankaminorStrategic or Co-development PartnerJoint launch of special commemorative cover and stamp to mark the opening of People's Tower new head office, highlighting institutional milestones.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Bank of Ceylon: Sri Lanka's largest state-owned commercial bank and the primary direct peer to People's Bank. Both serve as policy banks under government ownership, competing head-to-head across retail, SME, corporate, and government banking with extensive branch networks.
• Commercial Bank of Ceylon PLC: Sri Lanka's largest private-sector commercial bank with leading position in retail and corporate banking, including strong trade finance and remittance businesses. Comparable in scale and product breadth, making it the benchmark private-sector competitor.
• Hatton National Bank PLC: One of Sri Lanka's largest private commercial banks with strong presence in retail, SME, and corporate banking. Comparable customer base size, digital banking capabilities, and product portfolio to People's Bank.
• Sampath Bank PLC: Major private commercial bank in Sri Lanka with comparable retail and SME banking focus. Known for strong digital banking innovation, providing direct competitive pressure on People's Bank's digital transformation initiatives.
• National Development Bank PLC: Sri Lankan development bank offering SME and corporate banking services. Overlaps with People's Bank's development lending and SME segments, with similar focus on inclusive banking and project finance.
• Seylan Bank PLC: Private commercial bank offering full-service retail, SME, and corporate banking across Sri Lanka. Comparable in branch presence and product offerings, providing head-to-head competition in mid-market segments.
• DFCC Bank PLC: Sri Lankan development finance institution focused on SME lending, project finance, and corporate banking. Overlaps with People's Bank's development loans, refinance loans, and SME business segments.

Emerging players

• Nations Trust Bank PLC: Sri Lankan private commercial bank recognized for digital innovation through its 'fri' digital banking platform. Competes with People's Bank on retail and SME segments with a more agile, technology-focused approach.
• Pan Asia Banking Corporation PLC: Sri Lankan commercial bank offering retail, SME, and corporate banking services. Comparable mid-tier competitor to People's Bank in regional and SME segments.
• Union Bank of Colombo PLC: Sri Lankan private commercial bank offering retail, SME, and corporate banking. Comparable in scale and product mix to People's Bank's regional presence outside major metropolitan areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/peoplesbank346
• YouTubeyoutube.com/channel/UCBkubevksb17sTyS6oGoTkg
• Facebookfacebook.com/peoplesbanksrilanka
• LinkedInlinkedin.com/company/peoplesbanksrilanka
• Instagraminstagram.com/peoplesbanksl/?hl=en
• TikToktiktok.com/@peoplesbank.srilanka?lang=en

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peoples Bank