2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage
Hon. Thilina Samarakoon
2026-03-04
Hon. Thilina Samarakoon concluded his remarks in support of a microfinance-related Bill, citing Central Bank guidance as the basis for the proposed legislation. He argued that the Bill is necessary to address illegal deposit-taking, exploitative interest rates, and unethical debt recovery practices, which he attributed to weak governance in the sector. He contended that without regulatory intervention, loan recovery failures, rising costs, and financial losses would continue to threaten stability, and that the Bill is essential to protect the public and stabilise the microfinance sector.
Please grant me one more minute, Hon. Presiding Member.
According to the Central Bank, we must eliminate illegal deposit-taking, usurious interest rates that exploit customers, and unethical recovery practices. Due to weak governance, loan recoveries fall, costs rise and losses mount, so regulation is necessary. Unsafe deposits threaten financial stability. Therefore, to stabilise the microfinance sector and protect the public with necessary legal measures, this Bill is essential. With those remarks, I conclude.
Thank you for the opportunity.