In Sri Lanka and other less developed countries, microfinance services are available through formal and informal sectors. The poverty lending approach of microfinance promotes donor-funded credit for the poor, decreasing poverty through subsidised and charitable non-finance methods. In the 1990s, microfinance services were kick-started by non-governmental, public and private organisations in Sri Lanka, helping low-income, economically active people. The results show that the outreach of microfinance services in Sri Lanka is significant. The Central Bank of Sri Lanka has issued a list of licenced microfinance companies in Sri Lanka that are reliable.

Source: The Nation September 13, 2021 16:05 UTC