Microfinance sector forms inclusive network
Lanka Microfinance Network (LMFN), Sri Lanka’s dedicated national platform for the microfinance sector, formally inaugurated its governance structure on May15, 2026 at a landmark Meeting attended by over 100 participants representing the Microfinance Sector, practitioners and stakeholders from across the island.
The event marked a defining milestone for the sector, with the Network electing its inaugural Board of Management and appointing its first set of office bearers, setting in motion a structured and democratically governed body to champion the interests of microfinance in Sri Lanka. The meeting elected a comprehensive 09-member Board of Management comprising five office bearers and four board members representing diverse types of microfinance institutions, in addition to nine provincial representatives ensuring full geographic coverage of Sri Lanka’s provinces.
The five office bearers elected are: Danushka Udugama as Chairman; Imran Nafeer as Secretary; Pushpa Wijethunga as Treasurer; Sameera Gunathilake as Deputy Chairman; and Godrpy Janakarathna as Deputy Secretary.
Four Board Members were also elected, representing a cross-section of the microfinance industry: Darshana Wijesinghe, Rajitha Udagedara, Nimal Marasinghe, and Rangana Dihan. Nine Provincial Representatives were also elected. The meeting formally disclosed LMFN’s Constitutional framework, which outlines a structured membership comprising three categories: Principal Members (legally registered microfinance institutions), Affiliate Members (technology providers, consultancy companies, training organizations and sector support entities), and honorary members (conferred upon eminent individuals and organizations that have rendered distinguished service to the sector).
A key priority for the newly established LMFN is to closely lobby and work alongside the Microfinance and Credit Regulatory Authority of Sri Lanka, established under the Microfinance and Credit Regulatory Authority Act, No. 9 of 2026 a landmark piece of legislation passed by Parliament, replacing the Microfinance Act No. 6 of 2016.
The new Act establishes a dedicated regulatory authority mandated to regulate and supervise licensed microfinance institutions and money lenders, protect borrowers, coordinate with the Central Bank, and set standards for ethical and responsible lending practices across the sector. “This is a historic day for Sri Lanka’s microfinance community. We have a body that brings together institutions of all types and sizes under one roof from large microfinance companies to small community-based lenders in every province. Together, we will ensure the voice of this sector is heard where it matters most,” said newly elected Chairman Danushka Udugama.
Source: Daily News
