New Regulations for Moneylending and Microfinance

COLOMBO (News 1st); The Sri Lankan government is set to introduce a comprehensive regulatory framework for moneylending and microfinance businesses with the upcoming Microfinance & Credit Regulatory Authority Bill, expected to be presented to parliament next week. 

This new legislation aims to protect consumers from exploitative practices while fostering responsible lending within the financial sector.

Furthermore, the bill intends to repeal the Microfinance Act of 2016, potentially addressing perceived shortcomings in the previous regulations.