The Credit Information Bureau of Sri Lanka (CRIB) has reported robust growth in 2024, unveiling a series of initiatives aimed at widening financial inclusion and modernising credit services. The developments were outlined at the Bureau’s Annual General Meeting (AGM) held under the theme “Data in Action, Change in Motion.”
Presided over by CRIB Chairman and Central Bank of Sri Lanka (CBSL) Deputy Governor J.P.R. Karunaratne, the meeting brought together representatives from all 64 shareholder financial institutions, underscoring the sector’s unified commitment to advancing Sri Lanka’s credit ecosystem.
The year under review saw the CRIB deliver a record 8.9 million credit reports, marking a 41% increase from 2023’s 6.3 million. The Bureau now holds 14.8 million active credit records, with 81% of Sri Lanka’s adult population—equivalent to 7.01 million individuals—featured in its database.
Director/General Manager Pushpike Jayasundera highlighted CRIB’s transformation from a traditional credit reporting body into a data-driven engine for financial empowerment. The credit database has expanded to over 17 million records, incorporating information from gold loans, margin trading, factoring, and even non-traditional sources such as utilities and telecom providers.
“Data, when harnessed responsibly, is one of Sri Lanka’s most valuable national assets,” Jayasundera noted. “Our mission is to use this asset to unlock greater financial inclusion, foster responsible lending, and build a resilient credit ecosystem.”
A major milestone in 2024 was securing regulatory clearance for the Secured Transactions Registry in partnership with the Finance Ministry and the CBSL.
This move will allow Micro, Small and Medium-sized Enterprises (MSMEs) and individuals to obtain credit by offering movable assets as collateral—a significant boost for businesses with limited fixed asset ownership. The Bureau also introduced advanced credit scoring models to better serve SMEs and revival lending efforts.
Public engagement surged, with self-inquiry reports—marketed as MyReport—recording a 176% increase, reflecting greater credit awareness and financial literacy among citizens.
On the technology front, CRIB strengthened its infrastructure through real-time integration with the Department for Registration of Persons, pursued ISO 8000 certification, and prepared for compliance with the upcoming Data Protection Act. These measures reinforce CRIB’s commitment to data accuracy, security, and governance.
Looking ahead, the Bureau plans to launch a mobile application enabling users to access their credit profiles, receive real-time alerts, and exercise greater control over their financial data. Officials said these initiatives will drive transparency, efficiency, and inclusion, supporting Sri Lanka’s journey toward a data-driven economy.
The AGM was attended by stakeholders including the Monetary Board of the CBSL, licensed commercial and specialised banks, finance companies, leasing establishments, and other lending institutions
