Berendina Micro Investments Company (BMIC), the micro-finance arm of Berendina in Sri Lanka was recently granted a licence to operate micro-financing by the Central Bank of Sri Lanka (CBSL), a first in the industry under the Micro-finance Act No 6 of 2016. BMIC will adhere to CBSL’s guidelines as a licensed micro-finance company. The licence was not just a longstanding need for the organisation but also for all the microfinance companies to ensure a healthy micro-finance industry in the country.
BMIC can inculcate the habit of savings among its clientele by taking saving deposits as collateral against the loans.
This in turn will help to reduce the cost of funds of the company and further contribute to reducing loan interest rates. Providing the best interest rates to its clientele is one of the primary objectives of the company.