Membership

2.1 Ordinary Member

2.1.1 Microfinance Institution registered under Companies Act No. 7 of 2007, Co-operative Societies Law No. 5 of 1972, Society Ordinance No. 16 of 1891, or Voluntary Social Service Organizations Act No. 31 of 1980

2.1.2 Minimum of 75% active borrowers from the total borrowers of 1,000 and over

2.1.3 Core business being Microfinance

2.1.4 At least one year in Microfinance operations

2.2 Associate Member

2.2.1 Banks and other financial institutions

2.2.2 Organizational Service providers

2.2.3 Funding Agencies

2.2.4 Individuals who provide technical services to microfinance

2.2.5 Any organization that doesn’t qualify as an Ordinary Member whose core business is related to
Microfinance

A onetime fee of LKR 50,000 shall be made payable at the point of registration (For NGOs LKR 10,000). Thereafter Annual Membership Fees can be in pro rata basis but should be paid in full at the beginning of the Term of Membership. The Annual Membership fees are calculated based on the member organization’s outstanding loan portfolio.

Membership fees can be paid either through cash or crossed cheque in favour of “Lanka Mircofinance Practitioners’ Association”. If payment is made directly to the Association’s bank account a copy of the deposit slip
shall be submitted to the Association via email (pdf format), fax or post mail. For your guidance, the LMFPA Secretariat will send a billing statement one month before the due date of your Term of Membership.

5.0 ACCOUNT DETAILS

Account:  Lanka Microfinance Practitioners’ Association
Acct No.: 1190023870
Bank:       Commercial Bank of Ceylon PLC

6.1 All LMFPA MFI Members are obliged to take part in the annual Data collection survey conducted by LMFPA and provide required information sent by LMFPA.

6.2 The information will be processed by LMFPA for their annual member profile publishing and Website posting for potential investors’ reference and hopefully match LMFPA MFI Members to interested parties.

7.1 Technical Assistance such as Trainings, workshops, Exposure visits, scholarships etc (depending on the need
and availability of resources)

7.2 Lobbying for the common interests of the members and policy changes in the sector

7.3 Information sharing & transparency
7.4 Infrastructure Development for Meso Level (Eg: Accounting standards, MIS etc

7.5 Liaison with local and foreign stakeholders in the sector, international networks and organizations for local
sector development

7.6 Publication and visibility for members through electronic and print media

7.7 Facilitation for financial intermediation

8.1 In the event that a LMFPA Member wishes to express its intention to discontinue their membership with LMFPA Network, a formal letter of notification for termination of membership should be sent to the LMFPA Coordinator as soon as possible.

8.2 Failure to do so will still make the entity to be accountable to pay the Annual Membership Fee even for the preceding years as they will still be recognized officially as part of the Network.

8.3 Members may be removed from the LMFPA Network by the Board of Management if:

8.3.1 They are not adequately participating in LMFPA Network activities (including, but not limited to reporting as required on microfinance activities);
8.3.2 They have not paid their annual fee for the last two years

8.3.3 The member organization no longer meets LMFPA Network membership criteria

8.3.4 The governance of the organization bringing disrepute to the microfinance sector

8.4 Former LMFPA members who had voluntarily terminated their membership can rejoin by paying a rejoining fee of Rs. 25,000 and an Associate membership fee of Rs. 50,000 for the first year.