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Higher interest rates drive bank customer complaints

Friday, March 31, 2023 | 320 Views |

Peacekeeper: Maotwanyane investigates bank customers’ complaints against banks

The sharp increase in interest rates last year, as the central bank fought against inflation, not only put pressure on borrowers but also raised the number of complaints filed by bank customers about their loans.

Data from the Banking Ombudsman has revealed complaints that flooded Gabriel Maotwanyane’s office ranged from customers who defaulted on their loans to those who lost their properties after being retrenched.

The Office of the Banking Ombudsman was established by the Bankers Association of Botswana in 2002 to investigate and mediate customer complaints against commercial banks.

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Higher interest rates drive bank customer complaints

The sharp increase in interest rates last year, as the central bank fought against inflation, not only put pressure on borrowers but also raised the number of complaints filed by bank customers about their loans.