Regulatory Framework for Microfinance Sector
January 05, Colombo (LNW): The Sri Lankan government is on the brink of unveiling a game-changing regulatory landscape for moneylending and microfinance enterprises with the imminent introduction of the Microfinance & Credit Regulatory Authority Bill. Anticipated to make its debut in parliament next week, this legislation is poised to revolutionize the financial sector’s approach to microfinance.
This forthcoming bill holds the pivotal objective of shielding consumers from exploitative practices prevalent in the industry, concurrently fostering a culture of responsible lending among financial institutions.
One of the significant moves underlying this legislative endeavor involves the proposed annulment of the existing Microfinance Act of 2016.