Government through the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has ordered micro-lenders and cash loan operators to submit loan book values in order for them to be levied, a development the latter fears will run them out of business.
Melville Brown, NBFIRA deputy chief executive officer, Regulatory, issued a statement last week requesting that loan book values be submitted on a monthly basis. "This letter is to give notice to all non-bank financial institutions that are regulated and supervised by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), as provided for in the NBFIRA Act of 2006 that the regulations authorising the collection of annual licensing fees and scheduled supervisory levies for all regulated non-bank financial institutions' operations have now been approved and published in the Government Gazette of February 17, 2012," stated Brown in the statement. Consistent with Section 51 of the NBFIRA Act, Brown stated that micro-lenders and cash loan operators are requested to submit loan book values between the periods of February 28, 2010 to December 31, 2011.
