CRIB covers 81% adult population, delivers 8.9 m credit reports in 2024

• Credit Information Bureau of Sri Lanka hosts AGM for 2024 
• Performance review says 14.8 m people have active credit records
• Notes 176% surge in self-inquiry reports, reflecting growing public awareness 
• Secures clearance for MSMEs and general public to access credit, providing movable assets as collateral

The Credit Information Bureau of Sri Lanka (CRIB) held its 2024 Annual General Meeting (AGM), reporting 14.8 million active credit records, a 176% rise in self-inquiry reports, and clearance for Micro, Small and Medium-sized Enterprises (MSMEs) and the public to access credit using movable assets as collateral.

Held under the theme ‘Data in Action, Change in Motion,’ the AGM was presided over by CRIB Chairman and Central Bank of Sri Lanka (CBSL) Deputy Governor J.P.R. Karunaratne, who delivered the keynote address. This was followed by a comprehensive presentation on the Bureau’s operational and strategic performance by CRIB Director/General Manager Pushpike Jayasundera. The meeting was attended by representatives of all 64 shareholder financial institutions of the Bureau, reflecting the continued engagement and collective vision of the CRIB’s stakeholders.

The steady recovery of the Sri Lankan economy during the year in review was reflected in the CRIB’s performance in its capacity as the National Credit Information Bureau. Backed by a digital revamp and powered by a state-of-the-art Credit Information Management System, the CRIB delivered 8.9 million credit reports in 2024, a 41% increase from the 6.3 million reports delivered in 2023. The Bureau also disclosed that 81% of Sri Lanka’s adult population had entered the CRIB database at the close of the period in review, which translated to 7.01 million persons with active credit records in Sri Lanka. The total number of active credit records at the close of 2024 was 14.8 million. 

Addressing the gathering, Jayasundera underscored the Bureau’s transformational journey from a conventional credit reporting body to a data-driven powerhouse at the heart of Sri Lanka’s financial sector. He highlighted that the CRIB’s credit database had expanded to over 17 million records, with integration of new data sources such as gold loans, margin trading, factoring, and even non-traditional data from utilities and telecom providers. 

“Data, when harnessed responsibly, is one of Sri Lanka’s most valuable national assets,” Jayasundera said. “Our mission is to use this asset to unlock greater financial inclusion, foster responsible lending, and create a more resilient and equitable credit ecosystem.”

Among the Bureau’s notable achievements in 2024 was securing the necessary clearances with regard to the Secured Transactions Registry, in collaboration with the Finance Ministry and the CBSL, paving the way for MSMEs and the general public to access credit, providing movable assets as collateral, alongside the introduction of advanced credit scoring models designed to support Small and Medium Enterprises (SMEs) and revival lending. 

The sharp 176% surge in self-inquiry reports, branded as ‘MyReport,’reflected growing public engagement with credit awareness, credit literacy, and financial empowerment. 

Strengthening its digital infrastructure, the CRIB implemented real-time integration with the Department for Registration of Persons (DRP), pursued ISO 8000 certification, and undertook comprehensive preparations to ensure compliance with the forthcoming Data Protection Act, thereby reinforcing its position as a secure, technologically advanced institution committed to maintaining the highest standards of data accuracy, governance, and integrity. 

Looking ahead, the Bureau remains focused on driving transparency, efficiency, and inclusion through transformative initiatives such as the CRIB mobile application, which will give users direct access to credit profiles, real-time alerts, and enhanced control over their financial journeys, marking a significant step forward in building a more inclusive financial future and a data-driven economy for Sri Lanka.

The Board of Directors and shareholders of the CRIB, comprising the Monetary Board of the CBSL, Licenced Specialised Banks, Licenced Commercial Banks, Licenced Finance Companies, Licenced Leasing Establishments, and Other Lending Institutions, attended the AGM. 

Among those present were CRIB Senior Manager – Operations Indika Dissanayake and CRIB Directors Siyapatha Finance PLC Managing Director H.M.A. Seneviratne, LOLC Finance PLC Chief Recovery Officer W.M.N.S. K. Weerapana, Seylan Bank PLC CEO R.J. Jayasekara, People’s Bank General Manager K.K.J.C. Fonseka, Union Bank of Colombo PLC CEO D.P.N. Rodrigo, CBSL Bank Supervision Department Director R.R.S. De Silva Jayatillake, and Bank of Ceylon General Manager/CEO W.P.R.P.H. Fonseka.