By: Staff Writer
June 15, Colombo (LNW): The Credit Information Bureau of Sri Lanka (CRIB), South Asia’s pioneering credit bureau, has unveiled a sweeping digital transformation roadmap aimed at enhancing financial inclusion and modernising the country’s credit ecosystem.
Key initiatives include the rollout of a dynamic credit score for Small and Medium Enterprises (SMEs), the launch of innovative digital tools, and expansion into underserved, unbanked population segments.
CRIB plans to replace its 15-year-old legacy system with a new state-of-the-art digital credit bureau platform, in collaboration with a top-tier international credit bureau service provider. This transition, though complex and time-consuming, aims to transfer vast amounts of existing borrower data seamlessly, ensuring accuracy and minimal disruption for users.
A senior finance ministry official stated that the upgrade reflects CRIB’s shift from being merely a credit data repository to a fully digitised, proactive agency. Among the upcoming features is a new credit rating classification system, adding depth to the existing credit score reports currently offered.
As part of this transformation, CRIB introduced several digital tools at its annual event. These include a Portfolio Management platform, offering banks and finance companies real-time insights for managing large credit portfolios, and Credit Stat, a monthly analytical tool detailing institutional risk exposure and credit performance metrics.
A CRIB mobile app is also under development to enhance consumer access.
According to current statistics, CRIB’s coverage includes 46.5% of Sri Lanka’s adult population — about 6.3 million individuals and over 212,000 businesses.
Borrowers are now evaluated using a points-based credit scoring system, ranging from 250 to 900, with higher scores indicating lower credit risk. The bureau has also doubled its data volume in the past eight months by integrating gold loans, pawning, margin trading, and factoring into its database.
CRIB Director and General Manager Pushpika Jayasundera described 2024 as a “transformative year,” highlighting the agency’s evolution towards becoming a data-driven entity aligned with global standards.
In July, CRIB is set to launch a Secure Transaction Registry, enabling SMEs and underbanked individuals to use movable assets as collateral—further supporting financial inclusion and credit accessibility.
CRIB is also strengthening ties with regional counterparts like India, Indonesia, the Philippines, and Taiwan to develop dynamic cross-border credit products and support migrant workers and foreign investors.
Central Bank Governor Dr. Nandalal Weerasinghe, the event’s Chief Guest, commended CRIB’s advancements in bridging information gaps between lenders and borrowers.
He stressed the importance of empowering SMEs and improving the bankability of small-scale borrowers, noting that tools like those launched by CRIB can support evidence-based policy decisions and a broader digital financial ecosystem.
Several financial institutions were also recognised for their excellence in data sharing with CRIB, underlining the growing importance of collaboration in Sri Lanka’s evolving financial landscape.
