Thursday, 12 October 2023 08:58

Government to regulate micro finance institutions countrywide Featured

In the wake of irregularities and complaints of haressing poor creditors, the government is to regulate 15,000 microfinance institutions that are illegally operating in the country.

The Cabinet of Ministers approved publishing the new draft Bill on the Microfinance and Loan Regulation Authority in the Government Gazette and subsequently tabling it in the Parliament for its approval.

The microfinance victims who have been terribly affected by the debt trap and are also overwhelmed with economic and social issues in mostly rural areas of the country, are still waiting for a sigh of relief.

Microfinance is expected to expand and improve income generation activities and capacities of low-income persons

The draft Bill, prepared by the Legal Draftsman, later received the Attorney General’s clearance.





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