Micro Finance more popular

Lalin FERNANDOPULLE

The need for Micro Finance is growing at a rapid pace with the number of those seeking access to funding sources increasing, said Assistant General Manager, International Relations, Sanasa Development Bank, Samadanie Kiriwandeniya.

She said there is immense potential for growth in the Micro Financing sector to build communities and leadership at grassroots level. Micro Financing which supports the SME sector development contributes immensely to the growth of the economy.

Over 30 percent of the country's population benefits from various services provided by Micro Financing institutions in all provinces. The cooperative society was the first Micro Financing institution in the country set up in 1906. Informal Micro Financing through money lending, cheetu and other transactions have been operating in the country prior to the establishment of bank.

"Lending money alone is not sufficient but building communities and leadership is vital for sustainable development", Kiriwandeniya said.

SDB set up 16 development centres in the Eastern province and there are over 12,000 account holders benefiting from schemes paying interest ranging from 9-24 percent.

"Tailoring, animal husbandry, agriculture, confectionary brick making and handicraft are some of the main industries that benefit from the programs implemented in the East", she said.

Women comprise over 65 percent of the beneficiaries of the Micro financing program. Empowering women and enhancing livelihood are top concerns of the program.

Kiriwandeniya said the SDB will launch its Micro Financing activities shortly in the North in collaboration with the National Framework on Economic Integration program of the Government.