SDBL number two in Mix Global 100

Sanasa Development Bank Ltd(SDBL) has been ranked number two in the 2009 Mix Global 100 rankings which is a great achievement for the bank and the country, said General Manager and CEO of SDBL, Nimal Mamaduwa.

The 2009 edition of the MIX Global 100, by Microfinance Information Exchange(MIX) surveyed 955 institutions in over 100 countries.

Nimal Mamaduwa

According to a spokesman of MIX Global 100, year 2008 marked the beginning of a challenging period for Micro Finance Institutions (MFIs) in many countries.

The 2009 ranking captures the effects of the changing environment where global growth rates slowed for the first time in many years while many MFIs faced stagnant or rising costs and in some instances a slow rise in credit risk.

Mamaduwa said that in 2008 SDBL was ranked number four and last year rankings improved for us to reach number two, which is a great achievement.

He said that SDBL started operations in 1997 as a specialised bank registered under the Central Bank.

When the bank started operations it had 10 branches and now it has increased to 65 with plans for further expansion.

The bank will open branches in Killinochchi and Mullaitivu while at present it has six branches and 10 extension offices in the East.

SDBL is planning to disburse loans amounting to Rs. 280m in the East and Rs. 180m in the North by the end of this year.

Agriculture, livestock, fisheries, micro and small enterprises, trade and other self-employment projects as well as small scale tourism projects are given loans by the SDBL.

SDBL is committed to uplifting the standards of low income Sri Lankan families with its range of micro finance activities.

The ownership of the bank is confined to the SANASA Movement.

The clientele of the bank, among others, consists of farmers, fishermen, vendors and labourers and small business owners.

The SANASA movement represents a cooperative approach to community empowerment and mobilization.

Having been formed as a credit and thrift cooperative in 1906, the SANASA movement has had 100 years of experience in Sri Lankan development.

Prior to the mid 1990s, SANASA employed a credit and savings model in which credit was streamed from the national federation through the districts to the primary societies and their members.

Primary member savings were channelled back to the federation through the primaries and districts, ensuring a healthy state of liquidity.

In 1997, as a response to the trends ushered by globalisation and a changing national economy, SDB was registered as a Licensed Specialised Bank by the Central Bank of Sri Lanka.

Formed by various SANASA Primaries and the SANASA Federation, the SDB is a bank of cooperative microfinance.