Motswedi Cooperative loses business to banks

Friday, May 26, 2017

Motswedi Savings and Credit Cooperative Society (Motswedi SACCOS) has expressed concern at the rate at which they are losing business to commercial banks as members consolidate their loans with lucrative facilities from the banks.

A consolidation loan is a loan made in order to combine several debts into one loan, usually for the purpose of reducing the monthly payments by extending them over a longer time period.

According to the chairperson of Motswedi SACCOS, Sipora Tsonope the society continues to see a lot of its members’ loan settlement by other financial institutions.

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