Batswana swamped in debt – Microlender

Maphongo
Maphongo

A leading local microlender has highlighted the over-indebtedness of Batswana, with the company saying it turns away at least five applicants everyday who hold multiple concurrent loans with various institutions.

According to Executive Chairman at Bayport Financial Services, Father Maphongo the figures on the level of household provided by the monetary authorities are supported by anecdotal evidence they get from their customers during which they observe certain pointers indicating a degree of indebtedness.

“On average we do come across at least five customers daily having multiple loans that run concurrently and are unable to qualify for our facilities.  When you aggregate the repayments of these loans you begin to realise that the customer is definitely unable to afford an aggregated repayment given their net take home pay,” he said.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

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