Prime Grameen, established in 2000, is the flagship micro finance operator in Sri Lanka. Prime Grameen, as a brand, has been a household name in the island nation and the only Rated MFI in the non-banking financial institutions in Sri Lanka.
Disbursement of loans (till 2013-14): SLR 26 billion
Market share in 2013-14: 60 per cent
Acquired by Prime Lands Group in July 2011
BLAZE TO BRILLIANCE
A new course had been charted for the enterprising but inclusive small scale entrepreneurs of Sri Lanka by introducing commercial based micro finance by Prime Grameen. Prime Grameen is a fullfledged finance company duly registered and licensed to obtain public deposits by the Central Bank of Sri Lanka. Since the acquisition of the giant institution by Prime Lands Ltd, the undisputed market leader in the Real Estate industry, the resulting synergy created a resurgence providing new vistas for the enterprising people of Sri Lanka.
A socially responsible and consumer-oriented brand, Prime Grameen is world renowned for its poverty alleviation initiatives. The brand is globally accepted.
ENGAGEMENT THAT ENTHRALS
Upon realising the entrepreneurial abilities among females, Prime Grameen has assisted many female entrepreneurs who had sought the services of Prime Grameen. Over 450,000 people had proved their entrepreneurial ability resulting in numerous success stories. The total disbursements of loans to date is over SLR 26 billion, highlighting the dynamism and success of the concept. The funds, thus disbursed, and the sustainability of the projects undertaken would have been significant contributory factors to the rapidly declining poverty index of Sri Lanka.
Although modelled on the World famous concept of Grameen pioneered by Nobel Laureate Professor Yunus, the Sri Lankan version is adapted to suit domestic conditions. Prime Grameen had withstood the financial crisis of 2008-2009 with resilience and with theadvent of the new management in July 2011 and ever since as a member of the Prime Lands Group, had embarked on expanding the client base through the introduction of new finance products under the theme of “Bringing light to the world of others”.
The ever expanding deposit base had provided the necessary impetus to ensure that the micro financing demands of an inclusive sector of the society are met. Such deposits have been categorised as ‘Investments in humanity” and are double gilt edged. First, as safe, guaranteed investments, with the highest monetary returns, as well as of a meritorious nature, due to the invested funds been utilised to provide the needs of the small-time entrepreneurs of Sri Lanka. It has realised the dreams of many by providing easy access to formal financial inclusiveness for those who are financially exclusive because they have no means of obtaining such facilities.