They said this during the first ordinary full council in Francistown on Wednesday.
These councilors argued that macro-lenders are getting away with high interest rates because the demand for cash is very high. People still lack information about these macro-lenders and their interest rates, because whenever one is desperate for money they will to do everything to solve a situation. The councillor of Boikhutso, Robert Mosweu complained that macro-lenders are even going to the extent taking client's identification cards (Omang), ATM cards as security for the money they loaned, which is illegal. "Macro-lenders exploit Batswana--they take their public documents something they are not supposed to do and who knows what they are going to do with these," Mosweu pointed out.
He called for rules have to be enacted with immediate effect because many Batswana continue to leave in agony and hunger due to these loans sharks. The councillor for Ikageleng, Tabengwa Tabengwa explained that low salaries drive people to get loans especially at the beginning of the year when children need uniforms. They usually resort to macro-lenders because in many cases, it caters for low-income people. "They choose the macro-lenders since they cannot afford bank loans where the right procedure is followed, if the government can increase the low earners' salaries they wouldn't be widespread exploitation," Tabengwa stated.
