The Central Bank of Lesotho(CBL) yesterday convened money lenders in a workshop, inspired by the public’s outcry against these micro financers, and the concerns of the Lesotho Micro Finance Association (LEMFA), on behalf of stakeholders of the industry.

Addressing the members of the association and the independent micro financers, the bank stated that the money lendering business is controlled by the CBL, through the laws that bind it to protect financial services customers, and the laws that regulate the financial services, which include compiling financial statements, interest rate and the skills of lendering money.

However during the workshop, the bank announced that it has formulated a new law with the association, that will regulate the loan lendering businesses in the country, which offer services that banks cannot offer to the public.

The bank further announced that it has requested the parliament to pass the new law, that will allow money lenders to set their own interest rate, other than the current 25% interest rate.