Bank Of Zambia Called To Curtail Tendency By Some Banks To Extend Loan Repayment Periods For Low Earning Employees
By Michael Kaluba
All Nations are Families, an organization that champions financial education in Zambia, has noted the need for the Bank of Zambia to curtail the unbecoming tendency by some banks to extend loan repayment periods for low earning employees.
Organization Director – Finance and Administration Emmanuel Kangwa says it is worrying to hear reports of complaints from various employees whose loan repayment period has been extended due to changes in the interest rates hence the need for the central bank to engage banks over the matter.
Mr. Kangwa argues that low-earning employees should not be subjected to longer than necessary, loan repayment periods as this is unsustainable.
And Mr. Kangwa has commended central bank governor Christopher Mvunga for intervening on behalf of SME’s that are trying to be bankable by advising banks to make their services more available and accessible at Kasumbalesa Border Post by creating more branches.
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