Central Bank Governor Dr. Nandalal Weerasinghe has emphasized the need for the Credit Information Bureau of Sri Lanka (CRIB) to benchmark its practices against global and regional counterparts in order to keep pace with evolving trends in credit risk management and financial regulation.
“It is vital for the CRIB to remain aligned with the best global practices and standards, such as the World Bank’s General Principles for Credit Reporting,” Dr. Weerasinghe stated, addressing the CRIB’s CEOs’ Forum and Institutional Award Ceremony on Friday.
He noted that participation in regional knowledge-sharing platforms and ongoing benchmarking against international peers would enable the CRIB to anticipate changes in regulatory and market expectations.
His remarks came as the CRIB marked its 35th anniversary, celebrating its transformation from a manual, limited-coverage registry into a fully digitised, nationwide platform serving banks, non-bank lenders, and other credit providers.
Today, the CRIB plays a central role in Sri Lanka’s financial infrastructure. Dr. Weerasinghe highlighted the bureau’s strategic importance as a data-driven policy tool for the Central Bank, especially in an increasingly complex economic and regulatory environment.
“The CRIB’s database is an invaluable resource. It supports the Central Bank’s supervisory and macroprudential functions, including the assessment of fitness and propriety of directors and key management personnel, credit risk monitoring, early warning signals, and financial sector diagnostics,” he explained.
In recent years, the CRIB has expanded its capabilities to include mobile and online access to credit reports and introduced value-added services such as credit scoring. These innovations have enabled lenders to implement more risk-sensitive pricing models and make more informed credit decisions.
Dr. Weerasinghe praised the CRIB’s commitment to accuracy, confidentiality, and data integrity—principles that have earned it trust across the financial system. He also underscored its role in borrower empowerment, particularly for individuals and small businesses striving to build or repair their credit histories.
“By making credit information more accessible and transparent, the CRIB promotes financial discipline among borrowers and encourages responsible lending practices,” he noted.
Looking to the future, Dr. Weerasinghe outlined several strategic priorities for the CRIB. Among them was the integration of emerging technologies such as artificial intelligence (AI), machine learning, and big data analytics to deliver more forward-looking insights and support real-time credit assessments.
He also emphasized the importance of incorporating alternative data sources—including utility payments, rental histories, and digital transactions—to assess the creditworthiness of informal sector workers, freelancers, youth, and others who remain outside the formal banking system. Such efforts, he said, would be instrumental in deepening financial inclusion.
While acknowledging the bureau’s significant digital transformation, Dr. Weerasinghe called for continued investment in cybersecurity and data protection to safeguard the integrity of the credit reporting system.
“The CRIB has an opportunity to support the development of a broader digital credit ecosystem, including open banking, fintech partnerships, and real-time credit assessments,” he added, encouraging greater public-private collaboration.
