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Higher interest rates drive bank customer complaints

Peacekeeper: Maotwanyane investigates bank customers’ complaints against banks
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.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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