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Microfinance loan providers in Sierra Leone accused of ‘payday loan’ interest rates

Microfinance loan providers in Sierra Leone accused of ‘payday loan’ interest rates

Borrowers have actually accused NGOs of recharging interest that is unfairly high demanding rapid payback, and reporting debts towards the authorities

The majority that is vast of taking out fully microfinance loans in Sierra Leone are females. Photograph: Kate Holt for The Guardian

Final modified on Thu 15 Oct 2020 14.19 BST

The world’s biggest NGO happens to be forced to conduct an inside writeup on a scheme that is money-lending operates for the bad in Sierra Leone after some borrowers amassed significant debts and were reported to police once they couldn’t repay loans.

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