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LMFPA Meets with State Ministers of Finance Ministry to discuss current issues in the industry

January 20, 2021adminNews & Events

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 Microfinance under the Ministry of Finance. The main objective of this meeting was to address the issues faced by the microfinance industry especially under the backdrop of overcoming the COVID 19 pandemic. During this meeting, it was also identified that there had not been a proper study on the number of lending institutions in the country as there are still a large contingent of institutions that do not fall under the purview of the Microfinance Act due to various reasons such as Core capital inadequacy, and being credit only institutions. The present Microfinance Act which mainly focuses on regulating deposit taking institutions has created a vacuum in excluding institutions that are only into microcredit. The LMFPA proposed to undertake the task of enumerating unregulated MFIs and sought the support of the minister for same.

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Lanka Microfinance Practitioners’ Association

LMPA is the pioneer in microfinance networking among microfinance practitioners in Sri Lanka, and was initiated on the 31st of March 2006. The Lanka Microfinance Practitioners’ Association is incorporated as a non-profit organization under the Companies Act No. 7 of 2007.

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