Thursday, April 22, 2010
By Nyasa Times
Published: April 21, 2010
Representatives of the Consumers Association of Malawi (CAMA) on Wednesday staged a peaceful demonstration and presented a petition the Reserve Bank Governor, Perks Ligoya (pictured), and President of the Bankers Association of Malawi over high interest rates offered by the country’s financial institutions.
CAMA’s projects manager, Christopher Mpanga said the petition asks the central bank to address issues of consumer exploitation by the financial institutions. “The issues that we are trying to address are issues to do with high bank charges, high interest rates and also to do with ATM charges which are exploiting consumers,” said Mpanga.
He said the petition has also highlighted the plea to have banking services in the rural areas.
“We would like banks to serve the people in rural areas as well as urban areas,” he said
“We expect RBM to call upon all financial institutions to bang heads and lead to reduction of interest services and bank rates.”
He also the petition has also expressed concerns on collateral the banks ask for consumers to obtain loans.
“We are looking at other avenues which the banks can try to exploit in terms of collaterals.”
He said consumers are not given enough time to use the money or make any profits through the loans, as such they do not realize any gains in the services.