Category: News & Events

The main objective of the Sri Lankan Microfinance Act No. 06 of 2016 was to regulate microfinance institutions and give them a legal recognition both locally and internationally. The Act focused more on regulating MFIs that lend as well as accept deposits. The high cost of capital requirement by the Central Bank was only fulfilled...

The membership of the following organizations in the Lanka Microfinance Practitioners’ Association (LMFPA) is discontinued with effect from 1st June 2021.    Organization 01Alliance Finance Co. PLC 02Business Development Cooperative Society 03Gampola Udapalatha Prajashakthi Foundation 04Janatha Microfinance (Pvt) Ltd 05Loans & Land Investment Company (Pvt) Ltd 06Prosperous Capital & Credit Ltd 07Rajeeda Holdings (Pvt) Ltd...

Recently in Sri Lanka, there had been several protests and media reports on over indebtedness seemingly due to malpractices of microfinance institutions. The Lanka Micro Finance Practitioners’ Association (LMFPA) is concerned about these protests and media reports because they may make a serious implication on the industry as a whole. Similar media reports appeared in...

Building the capacities of the staff of member organizations was a tough challenge for the LMFPA during the year 2020 with the spread of COVID 19 pandemic. In fact all training workshops of LMFPA came to a complete standstill when the government announced an island wide lockdown in March 2020 and the priority shifted towards...

We are pleased to inform you that FINAP- Fintechnology Asia Pacific Lanka (Pvt) Ltd, won two coveted awards at National ICT Awards, NBQSA -2020, held on 3rd February 2021 at BMICH. Our champion product ECOru- the leading Core Banking & Finance Solution was crowned the Gold Award Winner of the Finance & Accounting Solutions (Fintech)...

Discussion with State Minister for Microfinance On 14th of December 2020, LMFPA had the opportunity of meeting with Mr. Shehan Semasinghe, State Minister of Samurdhi, Household Economy, Microfinance, Self Employment, Business Development & Underutilized State Resources Development in Colombo. Minister Semasinghe is the subject minister for Microfinance and he is the first-ever Minister appointed for...

“There are many institutions that provide microfinance services in a responsible manner, playing a significant role in the Sri Lankan economy. The government is not ready to neither disrupt this endeavor nor pressurize the majority because of a few players that bring disrepute to a valuable  industry due to their malpractices, however alternative action should...

The COVID-19 outbreak disturbed all segments of the Sri Lankan society economically, with its impact on the market system from producer to the customer. Severely affected were the self-employed rural entrepreneurs/producers operating in a highly competitive open business environment, and daily-waged workers. When the country’s rural economic activities became non-operative, people who acquired loans for...

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