Money lenders reject government's interest rate cap
The Association of Money Lenders has strongly rejected the recent government cap on interest rates, saying the policy was passed without their participation. They also called the rate cap selective, given that some commercial banks are still lending above the average. Jonan Akwandwanaho, the chairperson of the association, stated that the government should have consulted the group to understand their plight before making the decision. According to officials, the group is made up of 1,800 lenders, of which 60,000 are operating informally.
