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Sri Lanka ready to start licensing microfinance companies: CB Governor

ECONOMYNEXT – Sri Lanka is ready to license micro-finance companies, Central Bank Governor Indrajit Coomaraswamy said after a new laws were passed making the Central Bank responsible for the sector.

"The Central Bank is ready to receive duly completed applications from eligible companies, which would be submitted to the Monetary Board," Coomaraswamy said, delivering a roadmap for its activities in 2017.

"Continuous surveillance and on-site examinations of Licensed Microfinance Companies (LMFCs) will be conducted by the Central Bank."

"We expect to maintain a constant dialogue with the LMFCs and increase awareness on regulations."

Sri Lanka’s Microfinance Act had become law in July 2016. The Central Bank has set up a Department of Supervision of Microfinance Institutions to supervise the sector to "ensure good governance, transparency and stability".

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