Commercial credit moves forward with confidence

by Jayampathy JAYASINGHE

Governor, Central Bank Ajith Nivard Cabraal at the opening ceremony. Pic: Kavindra Perera

Commercial Credit Limited, a Kandy based finance company opened its office in Colombo to serve its clientele in the city last week. The Central Bank Governor, Ajith Nivard Cabraal the chief guest said every now and then when circumstances change it was necessary to re-position, re brand and move forward, referring to the Commercial Credit Company.

He said, Sri Lanka too has re-positioned and has shed its baggage that it carried during the past thirty years at a time when Commercial Credit Limited commenced its operation. “We are now witnessing a new era to move forward with confidence.”

The governor said Sri Lanka has an ambitious role to double the per capita GDP of the country by having access to all areas hitherto not available to deliver prosperity to all parts of the country.

Fiance companies play an important role in the delivery mechanism that brings prosperity to the country. “We are keen that finance companies should be strong and are able to deliver credit at reasonable rate have stability and act in a responsible manner.” he said.

The Chairperson of Commercial Credit Ltd, Vagdevi Fernando said that the company was set up in 1982 with a share capital of Rs 800,400 and five employees. Commercial Credit Limited has a network of five branches and 12 collection centres.

The company has been successful in serving the rural agricultural sector and has now diversified into micro finance and pawning. Besides its head office in Kandy, the company operates in 16 other locations including Hingurakgoda, Anuradhapura, Ratnapura, Kurunegala , Galenbindunuwewa, Avissawella, Galnewa, Embilipitiya, Dambulla, Dehiaththakandiya, Negombo, Mahiyanganaya, Thambuththegama, Nuwera Eliya, Piliyandala and Colombo.