Sanasa Bank second in MIX Global ranking

Sanasa Development Bank has been ranked second in the 2009 MIX Global 100 composite ranking of microfinance institutions by the Microfinance Information Exchange (MIX).

“This is another milestone for SDBL” General Manager CEO Nimal Mamaduwa said.

The Microfinance Information Exchange (MIX) is the leading provider of business information and data services for the microfinance industry.

Dedicated to strengthening the microfinance sector by promoting transparency, MIX provides detailed performance and financial information on microfinance institutions, investors, networks and service providers associated with the industry. MIX does this through a variety of publicly available platforms, including MIX Market (www.mixmarket.org) and the Micro Banking Bulletin.

MIX is a non-profit company founded by CGAP (the Consultative Group to Assist the Poor) and sponsored by CGAP, the Citi Foundation, Deutsche Bank Americas Foundation, Omidyar Network, IFAD (International Fund for Agricultural Development), Bill and Melinda Gates Foundation and others. MIX is a private corporation.

In making this ranking, MIX has considered a number of criteria such as profitability, outreach, efficiency and transparency of the MFIs.

It is noteworthy to mention that information pertaining to 955 Microfinance Institutions worldwide have been screened by the MIX.

Sanasa Development Bank is committed to uplifting the standards of living for low-income Sri Lankan families with its range of products and services.

The ownership of the bank is mainly with the Sanasa Movement, which is a co-operative group founded on an understanding that recognizes the importance of empowering and equipping rural Sri Lankan communities with the means of entering modern economic processes.

The bank specializes in microfinance and is focused on its community customers, including farmers, fisherman, vendors, labourers and small business owners, among others.