Microfinance

Lanka Microfinance Practitioners’ Association (LMFPA) boasts of more than 70 members whose aggregate loan portfolio is over Rs. 25 billion and an outreach of more than two million clients- considered the country’s low income population.
The association’s Annual General Meeting was held recently in Colombo with Channa Jayatilleke (representing Silvereen Micro Credit Ltd.) being appointed President.
Other office bearers included Imran Nafeer (Muslim Aid Micro Credit Guarantee Ltd.)-Secretary and M. Attanayake (Lak Jaya Microfinance Ltd.)-Treasurer. One of the main challenges faced by most microfinance institutes by far is the absence of a regulatory framework in the sector. LMFPA has constantly lobbied with the relevant authorities for the new Act to be released and the newly appointed board will be continuing same. In addition to that LMFPA will look at creating a conducive environment for Sri Lanka’s Microfinance sector. LMFPA will also look at strategic partnership with other institutions to achieve its objectives to develop the island’s microfinance industry.