NBFIRA not regulating interest rates
25 Jul 2019
Non-Bank Financial Institutions Regulatory Authority (NBFIRA) started regulating micro lenders after commencement of Micro lending regulations in 2012.
Answering a question in Parliament, Minister of Finance and Economic Development, Mr Kenneth Matambo, said the regulations did not mandate NBIFIRA to regulate interest rates charged by micro lenders.
“Interest rates of micro lenders are not regulated and are determined by market forces of demand and supply,” he said.
He further said interest rates charged by micro lenders were never regulated by NBIFIRA.
Francistown East MP, Mr Buti Billy, had wanted the minister to state the date and year NBFIRA last regulated micro lenders interest rates and what the interest rate was then. ENDS
Source : BOPA
Author : BOPA
Location : GABORONE
Event : Parliament
Date : 25 Jul 2019
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