Micro-lenders battle with compliance
Wednesday, January 29, 2014
The regulatory authority has received 214 micro-lending applications for licensing to date and as at January 7, 2014. It has issued 52 licences, highlighting the level of delinquency in the industry.
The massive non-compliance in the sector is due to the fear and or lack of understanding of regulations, a development that exposes customers to unscrupulous lenders. It is estimated that close to a thousand micro-lenders were operating in Botswana before the gazzetting of the regulations in March 2012. He explained that the authority is carrying out pre-licencing inspections on those who have applied for licencing. The inspection has revealed that most of the applicants are not compliant with the regulations. “Micro-lenders with identified deficiencies have been issued with management letters to rectify the deficiencies and only three have been shut down,” said Kwapa.
Figures released by the country’s electoral management body have shown that a total of 1, 037, 684 people have registered to vote.However, eligible voters could be discouraged by events leading to the voting day like poor execution of advance voting amid talks that the elections could be unfair.There have also been threats by certain opposition politicians that shall the elections not be free and fair, they will halt them.Despite these...