Mweetwa: Unregulated Lenders Exploiting Vulnerable Zambians
By Mark Ziligone
The government has expressed concern over the persistent exploitation of citizens by unlicensed money lenders operating in the country.
Chief Government Spokesperson, Cornelius Mweetwa, has expressed dismay at the increasing number of individuals who are losing both their property and hard-earned money due to the unscrupulous practices of unregulated lenders.
Mr. Mweetwa says despite the illegal nature of their operations, many of these money lenders continue to exploit vulnerable Zambians.
He explains that people in the sector are often unregistered and are not remitting any taxes or contributions to the government, thus evading their legal obligations.
However, the Cabinet has approved the introduction of a Bill in the National Assembly to repeal and replace the Money Lenders Act of the Laws of Zambia.
This is meant to strengthen the regulatory framework of the money lending sector and delegate the supervisory authority to the Bank of Zambia.
The Chief Spokesperson outlined several key measures under the new regulations, including enhanced record-keeping mechanisms that will allow for a timely and accurate national register of money lenders.
Mr. Mweetwa was speaking at a press briefing yesterday.
