Can rate caps fix the money lending crisis? | NBS Morning Breeze

Описание к видео Can rate caps fix the money lending crisis? | NBS Morning Breeze

Government caps money lender’s interest rates at 2.8% per month. Under the new regulations, money lenders are prohibited from charging interest rates exceeding 2.8% per month on loans. The Ministry of Finance, Planning, and Economic Development has set a maximum interest rate of 33.6% per year for moneylenders operating under the Tier 4 Microfinance Institutions and Money Lenders Act. Legal Notice No. 21 of 2024, signed by Finance Minister Matia Kasaija and published on November 15, 2024, enforces this cap to protect borrowers from predatory lending practices. Today on the Morning breeze we discuss how best can the rate caps fix the money lending crisis.

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