PEUBO INVESTMENTS, a micro lending company owned by Botswana Sectors of Educators Trade Union (BOSETU) and its funeral scheme (BOFUS), Has taken a decision to review its interest rates downward.
According to its board chairperson Mr. Samuel Aboneg, it is not the first time for PEUBO INVESTMENTS to review its interest rates. He cited that they have reduced interest rates in 2016 and 2019 and lately in the Month of October 2021. Aboneng further indicated that this continuous review of the interest rates has made PEUBO INVESTMENTS to be amongst the cheapest micro lenders in the market. “This is why our members need not to consider borrowing elsewhere but in PEUBO where their interests are safe guarded. We have always made a pledge to give our customers very competitive rates, and this time around we felt very compelled to review interest rates downward due to the impact of COVID 19 on the lives of our members”. He said.
Aboneng also pointed out that COVID 19 has had a lot of detrimental effects on the lives of BOSETU members and Batswana in general. “Our members find themselves having a very high dependency ratio and must take care of many lives which have been affected by COVID 19. We know that many Batswana have lost jobs and others who have been surviving by small businesses have find it very difficult to survive due to endless business disruptions. Our members, being in the formal sector, find themselves having to take care of these family members who are currently struggling to earn the ends meet”. Said Aboneng
For his part, BOSETU president Mr. Winston Radikolo indicated that, while PEUBO INVESTMENTS has come up with these reforms, they are encouraging BOSETU members to borrow for a good purpose. He further said “We know that in the process our members can become over indebted. We then encourage our members to borrow responsibly to avoid over indebtedness. Borrowing should bring some positives on the lives of members and that can be achieved by having a clear thought of how the money is to be used”. Other reforms that PEUBO has done include reviewing its turn around time and allowing top up after first installment. He indicated that PEUBO INVESTMENTS will continue to make some reforms in view of making its products more customer centered.