TransUnion warns of looming household debt crisis :: Mmegi Online

TransUnion Botswana, the country’s leading credit bureau, expects the lifting of the State of Emergency to trigger lay-offs across the economy, leading to a debt crisis among individual borrowers.

As a credit bureau, TransUnion has the largest database in the country on borrowers, their repayment patterns and both positive and negative behaviour across banks, retailers, insurance companies and other entities. The latest Bank of Botswana (BoB) figures show that individuals (as opposed to corporates) owed commercial banks P3.1 billion in arrears, with P1.1 billion classified in the extreme category.

While retrenchments have been illegal under the State of Emergency (SOE), local businesses have struggled to stay afloat due to the COVID-19 measures, resorting to other moves like cutting salaries, working hours, perks and conditions.

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TransUnion warns of looming household debt crisis

TransUnion Botswana, the country’s leading credit bureau, expects the lifting of the State of Emergency to trigger lay-offs across the economy, leading to a debt crisis among individual borrowers.

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