The Zambian government is concerned about the exploitation of citizens by unregulated money lenders. Chief Spokesperson Cornelius Mweetwa highlighted the losses experienced due to illegal operations. A new Bill will revise the Money Lenders Act to enhance regulations and empower the Bank of Zambia to supervise the sector effectively.
The Zambian government expresses concern regarding the exploitation of its citizens by unregulated money lenders. Chief Government Spokesperson Cornelius Mweetwa highlighted the issue, stating that many individuals are losing valuable assets and savings due to the unethical practices of these lenders, who often operate illegally.
Mweetwa emphasized that these money lenders frequently lack proper registration and fail to fulfill legal obligations, such as paying taxes to the government, which further compounds the issue.
In response to this challenge, the Cabinet has approved a new Bill to update the Money Lenders Act in Zambia. This reform aims to tighten regulation in the money lending sector and empower the Bank of Zambia with supervisory authority over these operations.
Several measures will be introduced under the new legislation, including improved record-keeping systems that facilitate the creation of a comprehensive national register of money lenders. Mweetwa made these statements during a recent press briefing, detailing the government’s proactive steps toward resolving this critical issue.
In summary, the Zambian government is taking significant steps to address the challenges posed by unregulated money lenders. By introducing a revised Bill to enhance the regulatory framework and increase accountability in the sector, the government aims to protect citizens from exploitative practices. Enhanced record-keeping will aid in establishing a national register of money lenders, promoting transparency and legal compliance.
Original Source: znbc.co.zm
