Bank of Ceylon honours 'BoC Mithuru' members

The Bank of Ceylon's (BoC) 'BoC Mithuru' project assists and empowers many most needed segments of society through the provision of micro finance, under the direction of the Central Bank.

It held a 'BoC Mithuru' ceremony at the auditorium of the regional office of the Central Bank in Anuradhapura last week to felicitate 1,000 beneficiaries of the micro finance scheme of 22 Mithuru Development Associations in Anuradhapura and Polonnaruwa.

Following the ceremony, staff members of Bank of Ceylon and the participants engaged in religious observances at the Sri Maha Bodhi. High officials of the Central Bank and the Bank of Ceylon were present.

The micro finance scheme to alleviate poverty through the collaboration of people functioning as a group, was initiated in the 1980s.

"These 'clusters' or small groups, refers to the fellowship of people who share and solve their hardships through dialogue and combined effort.

By sharing their experiences and helping each other, members of these groups are able to uplift their lives from the cycle of poverty and debt," a spokesman for the bank said.

"It is regrettable that such segments of society, who have previously been under the clutches of exploitative money-lenders, have not been able to reach their expected goals in life," he said.

"By coming under the guidance and assistance of Bank of Ceylon, over 100,000 families, who are members of these small groups, have become gainfully employed and productive members of society," the spokesman said.

"The 'BoC Mithuru' project has also resulted in its members registering 160 of their Associations with the Registrar of Companies, while 300 Development Associations have 19,200 small groups functioning under them," he said.

There are over 100,000 people who are members of these small groups, which usually have around 5-8 members. Several such small groups band together and form Development Associations, through which Bank of Ceylon is able to monitor and guide their progress.

Through the Bank of Ceylon, members of these small groups can obtain consistent and reliable micro financing for their commercial and industrial ventures. Advice and guidance is given by Bank of Ceylon to the members prior to and after disbursement of the micro finance. The advice includes helping them choose ventures that are more profitable and suitable to their abilities, improving commercial viability, industrial productivity, carrying out integrated marketing activity and increasing profitability.

Many families of these segments collaborate with one another for their mutual benefit and uplift.

"Through 'BoC Mithuru', Bank of Ceylon has rendered a service to society, by functioning as an 'Agent of Change', transforming the lives of these small groups," the spokesman said.

Each small group functioning under 'BoC Mithuru' is required to open and maintain an account with the Bank of Ceylon.

Bank of Ceylon, Assistant General Manager, Product and Development Banking, W.A.C. Tissera said, "We conduct five classes for members of these small groups, so that they will have a better idea about transforming their dreams into reality."

'BoC Mithuru' microfinance scheme, which was launched by the Bank of Ceylon in the North and the East of Sri Lanka in 2008, is being implemented throughout Sri Lanka.