In categories of persons who apply for a

In
the latest micro financing bill, “micro finance” term is described in the
interpretation section as: ‘Microfinance business’ means accepting deposits and
providing: (a) financial accommodation in any form; (b) other financial services:
or (c) financial accommodation in any form and other financial services,
targeted for low income persons and micro enterprises in conformance with the
Schedule of this Act.

 

When
it comes to firms who can apply the latest draft bill, this is further
restricted by Section 3 of the bill, which specifies the categories of persons
who apply for a license in terms of the Act. They are (a) a company registered
under the Companies Act no. 7 of 2007, which is not a private, off shore or
overseas company, (b)an NGO registered under the Companies Act or the Voluntary
Social Service Organizations (Registration and Supervision) Act, 31 of 1980, or
(c) a Society registered under the Societies Ordinance (Cap123).

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Establishment
of Thrift and Credit Co-operative Societies (TCCSs) under the Cooperative
Societies Ordinance introduced by the British Administration in 1906, led to
the initiation of a micro finance movement in Sri Lanka.

 

Those
Credit Co-operative Societies engaged in the development of the villages through
involvement of the procurement of inputs and distribution of products. This led
the way for these Societies to embrace the role of Multipurpose Co-operative
Societies.

 

Plans
were underway to close many societies because many TCCSs were feeble and
heading for a decline towards late 1970s. TCCSs were re-classified under the
name “SANASA” at this time period.

According
to the Lanka Microfinance Practitioners’ Association, The SANASA TCCSs are
described as follows. The SANASA TCCSs are member owned societies, grouped
together as a Federation but coming under the purview of the Department of
Co-operative Development. Parallel to the SANASA TCCSs are the MPCSs and their
financial service arms, the Co-operative Rural Banks (CRBs). The MPCSs and CRBs
also fall under the purview of the Department of Co-operative Development.

Lanka
Microfinance Practitioners’ Association (LMFPA) is the leading network in the
Country as at now, overlooking the Micro financing Industry in Sri Lanka. The
network has been overlooking all levels of the financial system varying from
macro, meso to micro level, since it’s establishment in 2006.

 

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