Digital lending association, only self-regulatory body
View(s):Sri Lanka’s Digital Alternative Lending Association (DALA) says that it is aware of misleading narratives and negative perceptions on social media about digital lending and works actively to correct misinformation, protect ethical lenders, and promote public awareness about safe and responsible borrowing.
“DALA is Sri Lanka’s only recognised self-regulatory body for service providers in the digital lending industry. Our primary mission is to ensure that our member companies and their customers are connected through ethical, transparent, and legally compliant practices,” said Freddie Daniel, DALA President in a statement this week.
Importantly, DALA gives the firm assurance that all its member companies operate 100 per cent legal lending businesses, in full accordance with Sri Lankan laws and regulations, as officially confirmed by the Central Bank. This commitment is a cornerstone of its credibility and public trust.
DALA bridges the gap between member organisations including LoanMe, OnCredit, Fino.lk, Loan Plus and CashX and borrowers through the following key functions: Legal Compliance and Ethical Standards – DALA requires all members to adhere strictly to its Code of Conduct and comply with all laws governing digital lending. “We work closely with regulatory authorities to ensure our members uphold the highest standards in lending,” he said.
On “Customer Grievance Resolution”, DALA provides a platform where customers can raise concerns or complaints. Common issues such as delayed payments, excessive late fees, or misconduct by sales/recovery agents are handled with care. “We mediate with member companies to offer solutions like structured payment plans, interest waivers, or disciplinary review of staff behaviour,” he added.
On “Collaboration with Authorities and Stakeholders”, he said DALA acts as a collaborative platform linking digital lenders, customers, regulators, and stakeholders and aims to enhance transparency, regulatory compliance, and shared growth in Sri Lanka’s financial technology ecosystem.
On “Commitment to National Financial Development, DALA’s members are committed to uplifting the lives of Sri Lankans by providing timely financial support, especially in urgent or underserved situations. DALA, in turn, champions sustainable development and financial inclusion by encouraging responsible lending practices.
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