📈 LMFN Inaugrates Democratic Governance Structure to Represent Microfinance Sector

The Lanka Microfinance Network (LMFN) formally inaugurated its governance structure at a meeting attended by over 100 participants on May 15, 2026. The network established a democratically governed body to champion the interests of Sri Lanka's microfinance sector, which serves millions of low-income households. • Governance & Leadership: A 9-member Board of Management was elected alongside 5 office bearers. Danushka Udugama was appointed as Chairman, Imran Nafeer as Secretary, and Sameera Gunathilake as Deputy Chairman. • Regional & Sectoral Coverage: The board includes 9 provincial representatives to ensure grassroots representation from all regions. The network's membership framework consists of Principal Members (registered institutions), Affiliate Members (tech and sector support entities), and Honorary Members. • Regulatory Alignment: A key priority for LMFN is to partner with the newly established Microfinance and Credit Regulatory Authority of Sri Lanka, formed under Act No. 9 of 2026 (which replaces the 2016 Act). The authority is mandated to regulate money lenders, protect borrowers, and collaborate with the Central Bank of Sri Lanka. • Strategic Focus: LMFN will serve as a non-profit entity aimed at influencing policy, building capacity, promoting ethical standards, and facilitating credit information sharing to foster financial safety and economic inclusion across the island.