Digital Alternative Lending Association to bridge companies and customers

Monday, 28 July 2025 02:15 - - {{hitsCtrl.values.hits}}

The Digital Alternative Lending Association (DALA) has announced its launch as Sri Lanka’s only recognised self-regulatory body for service providers in the digital lending industry.

Its primary mission is to ensure that its member companies and their customers are connected through ethical, transparent, and legally compliant practices.

Importantly, DALA gives the firm assurance that all its member companies operate 100% legal lending businesses, in full accordance with Sri Lankan laws and regulations, as officially confirmed by the Central Bank of Sri Lanka.

“This commitment is a cornerstone of our credibility and public trust,” said DARA President Freddie Daniel.

He said DALA bridges the gap between member organisations including LoanMe, OnCredit, Fino.lk, Loan Plus and CashX and borrowers through the following key functions:

1. Legal compliance and ethical standards

We require all members to adhere strictly to our Code of Conduct and comply with all laws governing digital lending. We work closely with regulatory authorities to ensure our members uphold the highest standards in lending.

2. Customer grievance resolution

DALA provides a platform where customers can raise concerns or complaints. Common issues such as delayed payments, excessive late fees, or misconduct by sales/recovery agents are handled with care. We mediate with member companies to offer solutions like structured payment plans, interest waivers, or disciplinary review of staff behaviour.

3. Combating misinformation and promoting trust

We are aware of misleading narratives and negative perceptions on social media about digital lending. DALA works actively to correct misinformation, protect ethical lenders, and promote public awareness about safe and responsible borrowing.

4. Collaboration with authorities and stakeholders

DALA acts as a collaborative platform linking digital lenders, customers, regulators, and stakeholders. We aim to enhance transparency, regulatory compliance, and shared growth in Sri Lanka’s financial technology ecosystem.

5. Commitment to national financial development

Our member companies are committed to uplifting the lives of Sri Lankans by providing timely financial support, especially in urgent or underserved situations. DALA, in turn, champions sustainable development and financial inclusion by encouraging responsible lending practices.

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