In a move aimed at bolstering transparency and public confidence, the Cabinet has approved an amendment to the Samurdhi Act, enabling the National Audit Office to audit Samurdhi Community-Based Banks and Samurdhi Community-Based Banking Societies.
The government has highlighted the presence of 1,092 Samurdhi community-based banks and 335 Samurdhi community-based banking societies operating nationwide, which are pivotal in promoting microfinance activities. Under the current Samurdhi Act, these entities undergo annual audits by the Internal Audit Division of the Samurdhi Development Department. However, there has been no mandate for audits by the National Audit Office.
Recognizing the importance of stringent oversight, the new amendment aims to incorporate provisions for National Audit Office audits, thereby ensuring greater transparency in operations and enhancing public trust.
The proposal, presented by the President in his role as Minister of Social Empowerment, seeks to amend the Samurdhi Act No.1 of 2013, as modified by the Divineguma (Amendment) Act No. 2 of 2017. The Cabinet's approval includes instructions for the legal draftsman to prepare the necessary bill to implement these changes.
