Marks 29th anniversary with 50th electric three-wheeler conversion reducing 161,796 kgs per year of carbon emissions

CDB positioned as the fourth largest NBFI in Sri Lanka

1,900 strong team propel people-driven solutions on strong pillars of sustainability and technology

It’s a financial trailblazer that has withstood tides, waves and storms with determination and courage, now positioned as the fourth largest Non-Banking Financial Institutions in the country. Since 1995, Citizens Development Business Finance PLC (CDB) has with great humility accepted numerous laurels for its pioneering leadership and innovative mindset built on the unwavering purpose of ‘Empowering Aspirations’ of Sri Lankans.

As CDB steps into its 29th year, it unfolds a history of a financial entity that is a beacon of innovation for the financial services industry, etching a legacy of being a socially conscious corporate steward which has continued to hold aloft the principles of moving forward within a formula that combines sustainability and technology for the greater good. And that greater good heralds another milestone in CDB’s commitment towards a greener future – the conversion of 50 electric three-wheelers, reducing 161,796 kgs per year of carbon emissions measured according to methodology developed in collaboration with IFC.

MD/CEO Mahesh Nanayakkara, recounts the many chapters written by CDB in the annals of the country’s financial history but reiterates that by embracing technological advancements and leveraging those to enhance services and streamline processes, CDB has created innovative solutions that evolve with stakeholder aspirations. “We are fortunate to have a winning team that has grown to over 1,900. It is they who have over these 29 years taken CDB to heights unmatched, delivering consistent and impressive quantitative and qualitative results that have made CDB a groundbreaker and trailblazer today – this is despite innumerable challenges which our team has always grasped as an opportunity to do bigger and better.”

CDB, which has been recognized with numerous accolades for its corporate stewardship works on a business model that embeds the key enabling pillars of technology and sustainability. This is the driver for CDB to reach its ambitious goals in becoming a fin-tech driven by sustainability, while being firmly aligned to our ESG goals including achieving NetZero status by 2030.”

With an unrelenting focus on strengthening its bottom line and top line consistently, CDB has, over the years, expanded its foreign funding portfolio diversifying funding sources and expanding capacity. One of these milestones was the USD 30 mn purpose-driven, long-term loan from the US Development Finance Corporation (DFC). Collaborations continue with international entities to improve and standardize CDB’s sustainability parameters.

CDB’s strategy for progress is a balanced and holistic approach that leverages technology through its digital-first business model complemented by a relentless drive to pursue solutions for sustainability challenges faced by introducing green mobility and renewable energy solutions.

“We have not opened a single brick and mortar outlet in the last seven years, while we have expanded our digital presence significantly”. “That combination of sustainability and technology are pillars that complement each other as it not only enhances resource efficiencies, but also extends our reach to those who are geographically and economically disadvantaged, facilitating financial inclusion and making CDB a net lender to the rural economy.”

This truly embodies the inclusive holistic ethos of CDB’s purpose, ‘Empowering Aspirations’.

Being a people driven organization which commends its excellence to its highly motivated and driven team, “We believe in ‘extraordinary results through ordinary people’, and that ‘strategy bets on people’. As we look ahead into our third decade, we intend to fast track progress towards targets and aspirations we have set, while also accelerating our journey into the future.”