Microfinance and Credit Regulatory Authority Bill becomes law

Saturday, 21 March 2026 00:00 - - {{hitsCtrl.values.hits}}

Speaker Dr. Jagath Wickramaratne

Parliament Speaker Dr. Jagath Wickramaratne yesterday endorsed the certificate on the Microfinance and Credit Regulatory Authority Bill, which was recently passed in Parliament.

The Microfinance and Credit Regulatory Authority Act provides for the establishment of a new regulatory authority to introduce a strong legal framework for regulating and supervising money lending and microfinance businesses in Sri Lanka.

The objective of this authority is to regulate and supervise licensed money lenders and licensed microfinance institutions, protect customers engaged with such institutions, and coordinate with the Central Bank and other regulatory bodies. Additionally, the Bill provides for the repeal of the Microfinance Act No. 6 of 2016 and includes provisions related to matters connected therewith or incidental thereto.

The Microfinance and Credit Regulatory Authority Bill was first presented to Parliament on 26 November 2025, and was passed on 4 March, 2026.

Accordingly, the Microfinance and Credit Regulatory Authority Bill came into force from yesterday as the Microfinance and Credit Regulatory Authority Act, No. 9 of 2026, the Parliament Secretariat said.