In the wake of social media allegations claiming that several politicians affiliated with the ruling NPP have financial investments in companies linked to microfinance and other financial services, NPP General Secretary and Government Parliamentarian Dr. Nihal Abeysinghe said the Party’s stance is that the microfinance sector should be properly regulated and that any irregularities must be addressed.
Responding to questions by The Daily Morning on the matter, he said that he could not comment on the specific claims circulating online as he is not aware of the actions taken by the individuals named in the posts. “I cannot say anything about it because I am not aware of what they have done. However, as a political movement, we are of the stance that the microfinance sector should be well-regulated and irregularities should be dealt with,” he said.
Janatha Vimukthi Peramuna’s General Secretary, Tilvin Silva was unavailable for comment.
The social media posts in question alleged that several politicians from the NPP, including Prime Minister Dr. Harini Amarasuriya, and Ministers K.D. Lal Kantha and Wasantha Samarasinghe, have financial investments in companies involved in microfinance and other financial services. Related posts on social media claimed that Lal Kantha had previously expressed support for victims of microfinance practices during a protest held in 2021.
However, the posts further alleged that subsequent asset declarations revealed that he had invested in shares of a particular institution in 2022, a company described as being engaged in microfinance-related services. The argument presented is that politicians maintaining investments in financial markets, particularly in sectors such as microfinance, may face ethical questions due to the possibility of conflicts of interest. They suggested that individuals holding political authority could be in positions to influence economic or regulatory decisions. The other is that the microfinance sector has been plagued by claims of predatory lending.
On 4 March 2026, Parliament approved the Microfinance and Credit Regulatory Authority Act, No. 9 of 2026, repealing the Microfinance Act, No. 6 of 2016. The Law, which took effect on 20 March, sets up a new Regulatory Authority to oversee microfinance companies and money lenders and address predatory lending.