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Microlenders Grapple With Surge in Loan Scams

Tuesday, September 16, 2025 | 290 Views |

RED FLAGS: NBFIRA is noting rising cases of fraud in the microlending sector PIC MORERI SEJAKGOMO

Local micro-lenders are facing a rising tide of loan fraud, with financial regulator, Non-Bank Financial Institutions Regulatory Authority (NBFIRA), noting surging cases involving false identity loan applications that are hitting the country’s growing micro-lending market.

The fraudsters according to NBIFRA are taking advantage of fast-tracked loan approvals and weak verification systems.

NBFIRA’s Anti-Money Laundering Unit representative, Leonard Moeng, said the industry was under serious pressure as fraudsters exploit gaps in compliance.

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Microlenders Grapple With Surge in Loan Scams

Local micro-lenders are facing a rising tide of loan fraud, with financial regulator, Non-Bank Financial Institutions Regulatory Authority (NBFIRA), noting surging cases involving false identity loan applications that are hitting the country’s growing micro-lending market.

'Face to face with the man who tried to kill me'

Couple perishes in suspected 'passion killing' crash

Dimajwe duo arrested after missing assault victim found buried

Dikoloti escapes injury after car hits cow

Five-year-old boy hospitalised after road accident in Mogoditshane

UDC rolls out 'promised' child grant

BPF to hold first youth, women congresses

Of borrowed wheels and brand new GD6

Two-tier education system demands action