As the Credit Information Bureau of Sri Lanka (CRIB) marks its 35th anniversary, Central Bank Governor Dr. Nandalal Weerasinghe has called for the institution to raise the bar aligning itself with global best practices, embracing technological innovation, and expanding its role in the digital credit economy.
Speaking at the CRIB CEOs’ Forum and Institutional Award Ceremony on Friday, Dr. Weerasinghe emphasised that the bureau must benchmark its operations against leading global and regional peers to remain at the forefront of evolving credit risk management practices.
“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,” he said, urging continuous engagement with international benchmarking and regional knowledge-sharing platforms.
Founded in 1990, the CRIB has grown from a manual, limited registry into a fully digitised nationwide system. It now serves a wide array of banks, non-bank lenders, and credit providers, forming an essential pillar of the country’s financial infrastructure. Dr. Weerasinghe noted that in today’s increasingly complex regulatory and economic environment, the CRIB has become a critical data-driven policy tool for the Central Bank.
“The CRIB’s database is an invaluable resource,” he said. “It supports the Central Bank’s supervisory and macroprudential functions, from assessing the fitness and propriety of bank directors to credit risk monitoring, early warning signals, and system-wide diagnostics.”
The CRIB’s recent upgrades including mobile and online access to credit reports, as well as credit scoring services have empowered lenders to adopt risk-based pricing and better evaluate borrower profiles. These improvements, the Governor noted, have also enhanced transparency and borrower empowerment.
“By making credit information more accessible and transparent, the CRIB promotes financial discipline among borrowers and encourages responsible lending,” he stated. He praised the bureau’s commitment to accuracy, confidentiality, and data integrity, calling it foundational to the trust CRIB has built across the financial system.
Looking ahead, Dr. Weerasinghe identified several key priorities for the CRIB’s continued development.
Foremost among them is the integration of emerging technologies particularly artificial intelligence, machine learning, and big data analytics into credit risk modelling. This would allow the CRIB to offer predictive insights and facilitate real-time credit assessments in a rapidly digitising economy.
Additionally, the Governor urged the bureau to explore alternative data sources such as utility bill payments, rental records, and digital transaction histories as a means of assessing creditworthiness for informal sector workers, freelancers, and youth currently outside the formal banking net. Such innovation, he said, would deepen financial inclusion and bring underserved populations into the credit fold.
Despite the CRIB’s digital transformation, Dr. Weerasinghe stressed the need to further invest in cybersecurity and data protection frameworks, underscoring the importance of securing the integrity and resilience of the credit reporting system.
“The CRIB has an opportunity to support the development of a broader digital credit ecosystem,” he said, referencing initiatives like open banking, fintech partnerships, and real-time data exchange. “This is a moment to capitalise on public-private collaboration and redefine credit infrastructure for the next generation.”
As the CRIB celebrates its 35th year, the Central Bank’s vision signals not just a celebration of past achievements, but a call to action for future readiness anchored in global alignment, digital agility, and inclusive economic growth.
