The Lanka Microfinance Network (LMFN), which serves as Sri Lanka’s national platform for the microfinance industry, officially launched its governance framework on May 15, 2026. The significant event was attended by more than 100 representatives from various microfinance institutions, practitioners, and stakeholders throughout the country.
This gathering marked a pivotal moment for the microfinance sector, as the Network appointed its first Board of Management and elected its initial office bearers. This development initiates a structured, democratically governed organization aimed at promoting the interests of microfinance in Sri Lanka.
The newly formed Board of Management consists of nine members, including five office bearers and four board members, who represent a wide array of microfinance institutions. Additionally, nine provincial representatives were elected to ensure comprehensive geographic representation across Sri Lanka’s provinces.
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The five elected office bearers are as follows: Danushka Udugama as Chairman, Imran Nafeer as Secretary, Pushpa Wijethunga as Treasurer, Sameera Gunathilake as Deputy Chairman, and Godrpy Janakarathna as Deputy Secretary.
The board also includes four members who reflect the diverse landscape of the microfinance sector: Darshana Wijesinghe, Rajitha Udagedara, Nimal Marasinghe, and Rangana Dihan.
Furthermore, the meeting revealed the constitutional framework of LMFN, which outlines a structured membership comprising three categories: Principal Members (legally registered microfinance institutions), Affiliate Members (including technology providers, consultancy firms, training organizations, and sector support entities), and Honorary Members (awarded to distinguished individuals and organizations that have significantly contributed to the sector).
One of the primary objectives for the newly formed LMFN is to actively engage with the Microfinance and Credit Regulatory Authority of Sri Lanka, which was established under the Microfinance and Credit Regulatory Authority Act, No. 9 of 2026. This legislation, recently passed by Parliament, replaces the previous Microfinance Act No. 6 of 2016.
The new Act creates a specialized regulatory authority tasked with overseeing licensed microfinance institutions and money lenders, safeguarding borrowers, collaborating with the Central Bank, and establishing ethical lending standards within the sector.
“Today marks a historic occasion for the microfinance community in Sri Lanka. We have established an organization that unifies institutions of all sizes and types—ranging from large microfinance firms to small, community-based lenders in every province. Together, we will ensure that the voice of this sector is represented where it is most needed,” stated Danushka Udugama, the newly elected Chairman.
Source: Financial Chronicle Biz English | Sri Lanka Business News.
