Licensing of micro-lenders doubles

Friday, December 11, 2015

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has managed to eradicate backlog in micro-lending applications with the number of licences issued doubling in the year to March 2015.

According to the regulatory authority’s 2015 annual report, the number of licensed micro-lenders increased to 166 in the review period from 73 registered in the prior year representing a 127 percent increase.

About 33 applications were withdrawn from the licensing process as some considered compliance to licensing requirements to be costly and burdensome.

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Licensing of micro-lenders doubles

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has managed to eradicate backlog in micro-lending applications with the number of licences issued doubling in the year to March 2015.