Lungu calls for probe on bogus money lending institutions.

(30-04-18) The Evangelical Youths Alliance has asked the Bank of Zambia and the Financial Intelligence Commission under the Bank of Zambia, including the Drug Enforcement Commission (DEC) to investigate some money lending institutions that are in a habit of extorting money from unsuspecting  clients that borrow for business.
Alliance president Moses Lungu said in an exclusive interview that the some lending financial institution are committing a lethal crime in collusion with the senior government officials and bank officials.
He suggested that some unsuspecting civil servants who go to borrow funds are made to pay high interests than the principal loan.
According to Lungu, there should be a uniform repayment of the money borrowed.
The absence of the uniform repayment has led to many clients to be over charged when it come to repaying the debts.
It was a considered view of Lungu that when a person gets loan from the lending institutions force unsuspecting clients to pay high principal when they borrow  money contrary to the bank of Zambia regulations.
The bank of Zambia has put the regulation which the lending institutions are supposed to follow. Regrettably, the regulation are being abrogated with impunity.”
Lungu suspect there is a collusion between the lending institution and official from the banks which makes them to abrogate the regulation.
“Unfortunately, the major culprits are the civil servants who go to the lending institution to borrow money.
For this reason, Lungu is asking the authority to cause an investigation to establish the circumstances in which the lending institutions are deliberately abrogating the regulations with impunity.
He noted that such kind of activities if left unchecked are tarnishing the image of the government to the extend that some people have accused it (government) of doing nothing while the people that voted for are suffering.
He further advised the Drug Enforcement Commission to take keen interest in the revelation and follow the institutions abrogating the money laws.