Act of Parliament · As enacted · 11 parts
Microfinance Act 2016
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
s 1Short title and date of operation
This Act may be cited as the Microfinance Act,
No. 6 of 2016 and different Parts of this Act shall come into operation on different dates as the Minister may appoint by
Order published in the Gazette.
The provisions of this Act shall not apply to-
a licensed commercial bank or a licensed specialized bank within the meaning of the
Banking Act, No.30 of 1988;
a finance company within the meaning of the
Finance Business Act, No.42 of 2011;
a co-operative society registered under the
Co-operative Societies Law, No.5 of 1972 and a co-operative society registered under a
Statute of a Provincial Council;
a divineguma community based bank and a divineguma community based banking society established under the Divineguma Act, No.1
of 2013; and
an entity formed in terms of the Agrarian
Development Act, No.46 of 2000.
The provisions of this Act, other than Part VIII, Part IX and Part XI, shall not apply to a microfinance non-governmental organization and a micro credit non-governmental organization.
Part I
Licensing of Companies Carrying on Microfinance Business
Part II
Business Restrictions on Licensed Microfinance Companies
Part III
Management of Licensed Microfinance Companies
Part IV
Directions to and Rules Governing Licensed Microfinance Companies
Part V
Financial Statements and Audit of Licensed Microfinance Companies
Part VI
Examination and Supervison of Licensed Microfinance Companies
Part VII
Cancellation of the Licence and Winding Up of Licensed Microfinance Company
Part VIII
Microfinance Non-Governmental Organizations
Part IX
Principles, Standards and Guidelines Laid Down by the Board
Part X
Immunity from Prosecution
Part XI