NBFIRA lacks capacity to regulate microlenders

Friday, May 23, 2014

After five years of existence the Non Banking Financial Institutions Regulatory Authority (NBFIRA) is perceived as failing to regulate effectively, as it does not have recorded data for debts incurred through micro-lenders.

Speaking during the credit overview workshop recently, Econsult Economist Bogolo Kenewendo said Batswana are highly indebted with leading debts being personal loans and they can even go to an extent of taking a third loan in order to repay the existing loan but this is happening because of lack of proper regulation.

She said Bank of Botswana (BoB) has recently attempted to control the situation as it has urged banks to monitor the purpose of loans when people apply.

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NBFIRA lacks capacity to regulate microlenders

After five years of existence the Non Banking Financial Institutions Regulatory Authority (NBFIRA) is perceived as failing to regulate effectively, as it does not have recorded data for debts incurred through micro-lenders.